Ransomware: Why It’s Growing and How to Curb Its Growth

Ransomware is an increasingly pernicious threat to individuals, businesses, economies, and societies. Ransomware attacks simplify the typical cybercrime value chain. Given the exponential growth of data, the wide distribution of connected devices, the so-called internet of things, and the power of artificial intelligence to exponentially scale attacks, ransomware is likely to continue to grow. Much research and analysis has focused on ransomware tool kits, malware samples, and the vulnerable victim landscape. However, this is only part of the picture. At its core, ransomware is a crime committed almost entirely for economic benefit. Yet, research on behavioural factors and market forces that incentivise the proliferation of ransomware is limited. The majority of what does exist comes in the form of media reporting and industry periodicals. Given their relevance, these sources should not be discounted out of hand. Yet, how critically should their findings be viewed and inherent conflicts within their findings be resolved? Further, as the profit motive of ransomware is similar to other economic crimes, how relevant is the vast body of research on criminality or on behavioural economics to understanding the growth of ransomware? In this article, we review the literature relevant to understanding the growth of ransomware by widening the lens to include a range of relevant multi-disciplinary academic sources as well as industry data. We then discuss our conclusions regarding the forces compelling its growth and identify areas requiring further study that could reverse the trend.