Ransomware, 35 Years Old, Hits $1 Billion in 2023, Projected to Cost $265 Billion Annually by 2031 Amid Record-Breaking Ransoms

Ransomware, now 35 years old, has evolved into a billion-dollar industry, with hackers extorting approximately $1 billion in 2023 alone. A recent report highlights that the annual costs of ransomware could escalate to $265 billion by 2031 as cloud computing, artificial intelligence, and geopolitical factors shape its future. The timeline of ransomware incidents in 2024 indicates record-breaking ransoms and breaches, underscoring the increasing sophistication and financial impact of these cyber threats.