- When it comes to cybersecurity, ransomware is one of the fastest-growing threats in recent history.
- Experts from Cybersecurity Ventures estimate that one attack will take place every 11 seconds in 2021.
- Antivirus software provider Emsisoft estimates costs connected to ransomware hacks stood at $7.5 billion for 2019 alone.
Yaroslav Vasinskyi, a member of now-defunct hacker group REvil and alleged orchestrator behind the ransomware attack against U.S. tech company Kaseya, has been charged by the Department of Justice after his arrest in Poland last month. The hack, which targeted approximately 1,500 businesses and resulted in ransom demands totaling $70 million according to TechCrunch, is only one of several hundred publicized ransomware attacks in 2021 as our chart indicates.
Data from security firm Blackfog shows that from January to November of this year, 244 ransomware hacks were publicized, an increase of 25 percent compared to the same period in 2020. While this number may seem low at first glance, Blackfog's data is focused on initial targets made public by hacking groups and the victims coming forward themselves. The number of systems affected in what were mostly so-called supply chain attacks are not listed in the site's reporting. Those kinds of breaches have become the norm and can affect thousands of businesses via one access point, as was the case with the Kaseya hack. Even though the breach at the tech company was one of the more higher-profile cases, the majority of the publicized cyber attacks with ransom demands hit different sectors like healthcare, education or services. Most of those hacks occurred in the government sector with 47 publicly addressed instances. Among the victims were the cities of Angers in France, Liege in Belgium and Tulsa, Oklahoma, as well as government bodies in the UK, Germany, Italy and India.
When it comes to malware, ransomware is one of the fastest-growing threats in recent history, with experts from Cybersecurity Ventures estimating that one attack will take place every 11 seconds in 2021. According to antivirus software provider Emsisoft, the liberal estimate for costs connected to ransomware hacks stood at $7.5 billion for 2019 alone.
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What is the World Economic Forum doing on cybersecurity?
The World Economic Forum’s Centre for Cybersecurity is leading the global response to address systemic cybersecurity challenges and improve digital trust. The centre is an independent and impartial platform committed to fostering international dialogues and collaboration on cybersecurity in the public and private sectors.
Since its launch, the centre has driven impact throughout the cybersecurity ecosystem:
- Training a new generation of cybersecurity experts
Salesforce, Fortinet and the Global Cyber Alliance, in partnership with the Forum, are delivering free and globally accessible training through the Cybersecurity Learning Hub.
- Building a global response to cybersecurity risks
The Forum, in collaboration with the University of Oxford – Oxford Martin School, Palo Alto Networks, Mastercard, KPMG, Europol, European Network and Information Security Agency, and the US National Institute of Standards and Technology, is identifying future global risks from next-generation technology.
- Improving cybersecurity in the aviation industry
Through the Cyber Resilience in the Aviation Industry initiative, the centre has been improving cyber resilience in aviation in collaboration with Deloitte and more than 50 other companies and international organizations.
- Making the global electricity ecosystem more cyber resilient
The centre and the Platform for Shaping the Future of Energy, Materials and Infrastructure have been bringing together leaders from more than 50 businesses, governments, civil society and academia to develop a clear and coherent cybersecurity vision for the electricity industry.
- The Council on the Connected World agreed on IoT security requirements for consumer-facing devices to protect them from cybers threats, calling on the world’s biggest manufacturers and vendors to take action for better IoT security.
- The Forum is also a signatory of the Paris Call for Trust and Security in Cyberspace, which aims to ensure global digital peace and security.
Contact us for more information on how to get involved.