What Execs Should Know About Ransomware

In today's digital age, businesses have become entirely reliant on technology to streamline operations, enhance productivity, and connect with customers. While these advancements have undoubtedly brought numerous benefits, they have also opened the door to a growing threat: ransomware attacks. The cost to victims from ransomware attacks is estimated to reach $265 billion (USD) annually by 2031. The rapid growth of ransomware attacks has made this cyber threat a top concern for businesses and organizations worldwide. The volume of attacks surged in 2023 by 55.5% year-over-year, with 4,368 cases documented cases, with only a fraction of all attacks being reported. As an executive, it is crucial to understand the potential impact of disruptive cyber-attacks on your business and take proactive steps to mitigate them. In the past few years, the role of the CISO has seen increased scrutiny as some in the role have faced legal challenges as data loss associated with ransomware attacks have continued to impact large organizations and their customer base. In this reference guide, we'll explore what each C-level executive should know about ransomware in order to ensure a strong security posture and protect their organization.