Ransomware Damages Projected to Total $8 Billion for 2018

Ransomware Damages Expected to Increase 60% Year-Over-Year

Last year, PC Matic reported ransomware damages were expected to reach $11.5 billion by 2019; a 130% increase from 2017.  Now, nine months after that initial post, reports are suggesting that total is quite accurate, and unfortunately rather attainable.  According to our friends at KnowBe4, ransomware damages are expected to increase 60% from last year; meaning a projected $8 billion in costs associated with ransomware in 2018.

These damage costs include, but are not limited to:

  • Lost productivity
  • Reputational damage
  • Hiring third-party investigators
  • Over-time costs for IT staff
  • Paying ransom demands (which is NOT advised)
  • Additional costs for remediation efforts (software, devices, IT services, etc.)

Stu Sjouwerman, CEO of KnowBe4, states,

“Ransomware is the new normal; it’s here to stay and is growing in sophistication and frequency.”

He couldn’t be more correct.  In order to stay fully protected from these malicious attacks, PC Matic encourages users to do the following:

  • Implement an application whitelist approach
  • Keep the operating system and third-party applications updated
  • Take part in cyber security training.  (If you’re a PC Matic user, you’re offered free cyber security training through our friends at KnowBe4.  If you’re not sure how to access it, contact our support team at www.pcmatic.com/help)
  • Implement the cyber security training while using your devices — THINK BEFORE YOU CLICK
  • Disable Macros

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One thought on “Ransomware Damages Projected to Total $8 Billion for 2018

  1. I’m a little surprised that some of the really wealthy folks impacted by ransomware haven’t decided to act like Mel Gibson in the movie “Ransom”. You know there are some “white hat” hackers out there who could probably find the creators of the ransomware. And some of the folks who paid or are about to pay could probably put up a ton of $$$ for a reward to bring these folks to justice.

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