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Damage from ransomware attacks could reach $30 billion by 2023

Posted On: Oct. 27, 2022 9:38 AM CST

According to a report by Allianz Global Corporate & Specialty SE, ransomware remains a top cyber risk for worldwide companies and is projected to cause $30 billion in damage by 2023, Trade Arabia reported. The report also said that the Russia-Ukraine war and wider geopolitical tensions could further increase the risk of cyberattacks on companies, infrastructure or supply chains.