In short, the answer to both questions is most certainly yes. Ransomware is becoming more common because it is a very straightforward form of malware. Hackers use software to maneuver around security holes or by tricking network users by using phishing scam tactics like sending malware that appears to come from a trusted source.
In addition, many large companies have been very lax with their network security protocols, which cybersecurity experts learned recently.
One such case is the supply chain attack at Colonial Pipeline, whose CEO Joseph Blount admitted before Congress that the company does not use multifactor authentication when users log in, which is a very big oversight.
Based on the Internet Crime Report released in 2020, the FBI received close to 2,500 ransomware reports in 2020, 20 percent higher than the reported cases in 2019. The FBI also noted that the collective cost of the ransomware attacks in 2020 was close to $29.1 million.
It is equivalent to a 200 percent increase over 2019, where the cost reached $8.9 million. Another contributing factor to the rise in ransomware attacks is the growing number of online users. The coronavirus pandemic caused a spike in worldwide internet usage. Many students and workers are working and learning remotely.
Cybercrime Magazine predicts that ransomware will cost victims about $265 billion each year starting 2031. Attacks are likely to occur every two seconds as hackers refine their malware attacks and extortion practices.