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In some cases, attackers are even leveraging the threat of regulatory actions or causing cyber insurance policies to be rendered moot by reporting lapses in security on the part of the victim to regulators and insurers. In fact, the cost to victims from ransomware attacks is estimated to reach $265 billion (USD) annually by 2031.
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Different industries and regions have specific regulatory requirements, such as the General Data Protection Regulation (GDPR) for data protection in the EU, the Health Insurance Portability and Accountability Act (HIPAA) for healthcare information in the US, and the Payment Card Industry Data Security Standard (PCI-DSS) for credit card information.
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