Ransomware is a vicious type of malware that cybercriminals use to block companies and individuals from accessing their business critical files, databases, or entire computer systems, until the victim pays a ransom. It is a form of cyber extortion.
Cybersecurity Ventures predicts that a business will fall victim to a ransomware attack every 11 seconds, and the estimated cost to businesses globally will be around $20 billion by 2021. The direct costs can be attributed to the ransom demands -- if the victim chooses to the pay the ransom -- while the indirect costs are associated with the downtime, data recovery, lost revenue, improvements to cyber defenses, and reputational damage to the company.
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