Is it really a surprise that ransomware is big business? It is one the easiest ways for cyber criminals to make money, and with high tech solutions such as bitcoin, they seem to be having an easy ride. But what is the answer? As with other advancements in technology, it requires a combination of education, regulation and self control. However the companies that make and sell advanced internet enabled technology need to recognise their role and responsibility, and ensure that they do not put their customers at risk.
The FBI has announced that ransomware could become a $1 billion dollar industry, after early estimates of ransomware losses from only the first quarter of 2016 eclipse that of 2015. Ransomware looks set to be one of 2017’s biggest threats The US Federal Bureau of Investigation (FBI) has announced that it expects ransomware to become a US$1 billion (£822 million) business, MSNBC has reported. Perhaps more worrying is the rate at which ransomware attacks are becoming more lucrative. In 2015, the FBI reported losses of US$24 million (£19 million). But in the first quarter of 2016 alone, losses of US$209 million (£171 million) were reported. According to the FBI, that may well end up exceeding the $1 billion mark once all the damage is accounted for. The trend doesn't look like it's stopping as we head into 2017 either.