IoT for All reports that ransomware has transformed over the past decade from a minor threat targeting personal computers into a significant risk impacting critical infrastructure, smart factories, and a wide range of connected devices.
In 2015, the FBI recorded around 2,400 ransomware complaints, leading to losses exceeding $24 million. Estimates for that year indicated that the total damage from ransomware was approximately $300 million. By 2017, the situation worsened, with damage estimates escalating to $5 billion. By 2021, the financial toll on organizations was predicted to reach $20 billion, with attacks occurring every 11 seconds.
Looking ahead, industry projections suggest a sharp increase in ransomware damage, potentially reaching $57 billion globally by 2026. Furthermore, by 2031, the annual costs could exceed $275 billion. Notably, the average cost per attack is expected to rise by 17 percent by 2025.
