Ransomware isn’t new—in fact, it’s over 30 years old. Attacks date back as far as 1989 and have been the most pervasive cyber threat since 2005, with a dramatic spike in recent years. The resulting costs to targeted businesses are soaring. In fact, according to the 2018 Verizon Data Breach Investigations Report, ransomware has moved from the 22nd most common variety of malware in 2014 to the most common variety in 2018.
It is estimated that, by the end of this year, ransomware will attack a business once every 14 seconds.