Ransomware Reaches Billion-Dollar Industry, Experts Predict Continued Evolution
As the cybersecurity landscape continues to evolve, ransomware has become a billion-dollar industry, with cybercriminals raking in $1 billion in extorted cryptocurrency payments from victims in 2023. This rapid growth has led experts to predict that hackers will find new and innovative ways to use the technology to exploit businesses and individuals.
Ransomware has a long history, dating back to the 1980s, when a hacker mailed floppy disks claiming to contain software that could help identify people at risk of developing AIDs. Instead, the software would encrypt files and demand a payment to unlock them.
Over the years, ransomware has evolved significantly, with criminals using new methods to deliver and deploy the malware, such as email phishing and cryptocurrency payments. The rise of ransomware-as-a-service (RaaS) has also made it easier for novice hackers to carry out attacks, leading to a surge in professionalization and a more organized criminal underground.
Experts predict that ransomware will continue to evolve, with modern-day cloud computing, artificial intelligence, and geopolitics influencing its development. They also expect to see an increase in the use of AI, generative AI tools like OpenAI’s ChatGPT, and other technology to help criminals create and use ransomware.
Geopolitics is also expected to play a key role in the future of ransomware, with nation-states using the technology to disrupt organizations in perceived hostile countries. Autonomous distribution of ransomware, where the malware spreads on its own without human intervention, is another trend that is likely to gain traction.
Despite the concerns about the growing power of AI in the hands of cybercriminals, experts believe that the actual makeup of ransomware technology is unlikely to change significantly in the coming years. Instead, the focus will be on improving the delivery and deployment methods, as well as the payment mechanisms, to make it even more challenging for victims to recover from attacks.
