CISO2CISO.COM & CYBER SECURITY GROUP

The Financial Impact of Malware

Abstract
The rapid development of malware in recent years is a significant information security
threat and the leading cause of the worldwide spread of cybercrime. The main reason for that
is a lack of knowledge, malware threats understanding, and mechanisms used to prevent and
detect the cyber threat. The main contribution of this document is a step toward explaining
malware’s impact, especially the financial impact of malicious software. This document will
give a basic malware introduction by explaining and giving examples of why malware is a
challenge. The document will further explain the criminal aspect and financial gains of
malicious software.
This paper contribution is a step toward explaining factors aggravating the spread of
malware and cybercriminal markets as well.
The document will look at direct/indirect costs for consumers and businesses and light
a term such as businesses as criminals in the cybersecurity aspect.

Introduction
It is not easy to believe today that low-level code can still run-on machines, avoid
detection and, in the end, cause some severe harm to the device. Governments at the global
scale, businesses and societies worldwide suffer from the same challenge. They do not
adequately defend and lose control of their environment in the war with cyber security
threats.
The impact of malware is enormous and hits every part of modern society. Malware
can sent emails users did not write, can infect the computers and networks, giving an attacker
control of the system and resources. Some forms of malware are just annoying, and they drain
computer resources and slow down devices. The other ones are more dangerous, more
sophisticated and can cause some severe damage to the whole IT infrastructure.
This document will find answers to many essential questions about malware financial
impact on businesses worldwide, discuss factors that aggravating the spread of malware and
what are malware costs. It will answer why companies should have a cyber security response
plan ready.
Impacts of malware are significant, severe, and long-lasting and especially in today’s world
where most of us have and carry at least one computing device connected to a global network
that allows the impact of malware on a bigger scale.
This paper will also get light on businesses as criminals and vast cybercriminal markets.
According to Bitdefender, just ransomware attacks, a type of malware, was increased
485% in 2020 on a global scale. Total global ransomware costs estimate at 20 billion US dollars
per Cybersecurity venture. Ransomware attacks rising and were 77% of actual attacks in the
first quarter of 2021, with an average ransom payment of 220,298 US dollars.
Nobody guarantees that the ransomware payment will result in stolen data will be
returned/undistributed. It can be risky to pay the ransom because of the financial and
compliance risks such as “Know Your Customer” (KYC), “Anti-Money Laundering” (AML), and
“Combatting Financing of Terrorism” (CFT) lows.

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