Ransomware Damages on Track to Hit $265 Billion by 2031, Says Hitachi Vantara CTO
Global ransomware damages are projected to escalate to $265 billion annually by 2031, increasing at a staggering rate of 30% year-over-year. This alarming forecast comes from Sanjay Agrawal, CTO of Hitachi Vantara for India and SAARC, coinciding with World Backup Day—a timely reminder of the growing digital threats faced by organizations worldwide.
Key Details:
- Who: Sanjay Agrawal, CTO, Hitachi Vantara
- What: Ransomware damages predicted to rise significantly
- Where: India, with a focus on weaknesses in various sectors
- When: Projections extend to 2031
- Why: The evolution of ransomware into systemic risks for global economies
- How: Driven by increased cyber incidents, particularly in Asia
Why It Matters:
The increasing ransomware threat is not just about financial loss; it’s about trust, operational disruption, and long-term business viability. With Asia bearing 28% of global cyberattacks, India is among the top three targeted nations, highlighting the urgent need for improved cybersecurity infrastructure.
Expert Opinions:
Agrawal emphasized, “Data is the currency of modern business, but when it’s compromised, the loss cuts deeper than just financial damage.” He calls for a shift in how enterprises approach data protection: "Conventional backup cycles are obsolete. Integrating data backup and recovery into the core IT framework is imperative."
What’s Next?
As India rolls out stricter data protection regulations under the Digital Personal Data Protection Act 2023, organizations must adapt to maintain compliance, which might exceed ₹8,500 crore in costs for Indian enterprises by 2025.
Conclusion:
The next decade will be pivotal for cybersecurity as ransomware poses an escalating threat, emphasizing the urgent need for robust data backup strategies to ensure business continuity.
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