Ransomware: The Cyber Extortion Epidemic | Golden Age

Ransomware, a type of malware that encrypts files and demands payment in exchange for the decryption key, has become a major threat to individuals, businesses, and governments worldwide. With the rise of cryptocurrency, ransomware attacks have increased significantly, with notable examples including the 2017 WannaCry attack, which affected over 200,000 computers in 150 countries, and the 2020 Garmin attack, which cost the company $10 million in ransom. The controversy surrounding ransomware payments has sparked debates among experts, with some arguing that paying the ransom only fuels further attacks, while others believe it's a necessary evil to restore critical systems. As the threat landscape continues to evolve, it's estimated that the global cost of ransomware attacks will exceed $20 billion by 2025, with a projected 30% increase in attacks per year. The impact of ransomware is not limited to financial losses, as it also poses significant risks to sensitive data and national security. As the world becomes increasingly digital, the need for effective ransomware mitigation strategies has never been more pressing.