Assessing the Global Economic Impact of Ransomeware Attacks and Strategic Global Response

Callistus Francis AZUBUIKE, Ojo Idowu AKINWUMI, Emmanuel Okwuchukwu EZEAMU — Mon, 09 Dec 2024 00:00:00 -0800

Ransomware attacks have evolved from simple malicious software to sophisticated, high-impact cyber threats that target individuals, businesses, and critical infrastructure worldwide. This research examines the progression of ransomware techniques and their economic implications, with a focus on the significant financial toll imposed by these attacks across various industries and regions. The study analyzes the global economic impacts of ransomware, highlighting key sectors such as healthcare, finance, and energy, which are particularly vulnerable to cybercriminal activities. Furthermore, the paper evaluates the effectiveness of current global responses, including governmental policies, international collaborations, and private sector initiatives, in mitigating the growing threat of ransomware. Using a qualitative approach to secondary data collection, the study integrates case studies of notable ransomware incidents to illustrate the scale of financial loss and the challenges in responding to this global cyber threat. The findings underscore the need for a coordinated, multi-stakeholder approach that combines advanced technological defenses, regulatory frameworks, and international cooperation to address the expanding ransomware crisis. The study also offers strategic recommendations for strengthening cybersecurity defenses and fostering global collaboration to combat the evolving nature of ransomware attacks.

Nnamdi Azikiwe Journal of Political Science

Assessing the Global Economic Impact of Ransomeware Attacks and Strategic Global Response