Ransomware damages reached billions globally in 2023. Hospitals, municipalities, and private companies were among the hardest hit. Recovery, downtime, and ransom payments accumulate rapidly. Cyber insurance covers some costs, but losses remain substantial. The financial impact drives organizations to invest heavily in prevention.
It matters because ransomware is a critical economic threat. Losses affect markets and communities.
It also encourages global cooperation and cyber policy development.
Global ransomware damages reached billions in 2023.
[Cybersecurity Ventures, cybersecurityventures.com]