Ransomware damage costs predicted to quintuple by 2031. What’s your plan?
Cybercrime Magazine ·
This week in cybersecurity from the editors at Cybercrime Magazine Sausalito, Calif. – Nov. 11, 2026 –Read the Full Story in Tech Informed In just the last year alone, ransomware attacks cost organizations globally an estimated $57 billion, a figure that’s expected to not just The post Ransomware damage costs predicted to quintuple by 2031. What’s your plan? appeared first on Cybercrime Magazine .
Sausalito, Calif. – Nov. 11, 2026
– Read the Full Story in Tech Informed
In just the last year alone, ransomware attacks cost organizations globally an estimated $57 billion , a figure that’s expected to not just double or triple, but quintuple to $275 billion by 2031. And no matter how good your cybersecurity is, ransomware attacks will continue to be a question of ‘when’, rather than ‘if’ , according to a Tech Informed article.
While you can never completely prevent incoming ransomware attacks, you can adjust how you respond. What if instead of panicking and scrambling to carry out a half-formed, siloed plan, you had a tried-and-tested recovery plan that worked like clockwork?
How you answer this question will have a major impact on just how much your recovery costs. Do you have backups in place (or is a ransomware payment on the cards), is any data lost permanently, and how long are your operations offline? Being able to answer all these questions confidently is what will shift your recovery from good to great – and more importantly, will keep those costs minimal.
So how can you address this and trim down that bill? It can be hard to know where to start, according to Edwin Weijdema, field CTO EMEA at Veeam Software, but he points the way for CISOs and security leaders looking to map out a plan.
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The post Ransomware damage costs predicted to quintuple by 2031. What’s your plan? appeared first on Cybercrime Magazine .