A Trend Impact Analysis: Ransomware Threats

• In Event: The Digital Underground Business and Online Safety (Organized by Korean Society of Criminology in America (KoSCA) & Sponsored by the Division of Cybercrime (DC))

Abstract

Multiple sources reveal ransomware attacks have reached a record high recently. It has been a major threat to society. In its earlier stage, ransomware affected primarily individual computers with a ransom payment request. Now ransomware attacks affect whole companies, school systems, local governments, and critical infrastructures. Ransomware has evolved from an economic nuisance to a national security threat, and to a public health and safety threat. The average ransom nowadays ranges from several hundred thousand to millions of dollars with high-profile targets. This paper analyzes the dynamics impact of ransomware attacks from the perspectives of direct costs and indirect costs generated from ransomware attacks, the ascending urgent need in counter ransomware attack threats, the role of cryptocurrency, the need to reinforce cyber incident reporting mechanisms, plodding in pace leadership response and lawmaker awareness challenges. The data sources include media reports, journal articles, governmental and non-governmental research institute cybersecurity annual reports.

Author

• Qingli Meng, Niagara University