The threats facing U.S. companies from cyberattacks are constantly changing, and recent media reports suggest that the era of large-scale data breaches may be giving way to more localized attacks, which promise a faster payday for cybercriminals.
In 2017, “ransomware” became a household word with the “Wannacry” outbreak, which disabled more than 200,000 computers in approximately 150 countries. Since then, there have been other isolated and large-scale ransomware events—each locking businesses and individuals out of computers and other devices unless a timely “ransom” is paid. Many cyber experts predict more to come. According to Cybersecurity Ventures, “the cost of global ransomware attacks will exceed $11.5 billion annually by 2019, up from $5 billion last year and $325 million in 2015”—a 35 times increase in just four years.
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