More than just a nuisance, ransomware has become a legitimate threat to business operations and continuity.
The FFIEC eerily foreshadowed the meteoric rise of ransomware in November, 2015. In the first three months of 2016 alone, the FBI estimates that cyber criminals have collected over $209 million from businesses, hospitals, and other institutions. If that rate continues, ransomware is on track to become a billion-dollar criminal enterprise. Moreover, that figure only represents reported losses and does not include unreported incidents or tangential costs such as system downtime, reputational damage and remediation efforts. The true magnitude is likely much larger.