Ransomware is now a billion-dollar industry. But it wasn’t always that large — nor was it a prevalent cybersecurity risk like it is today. The technology — which officially turned 35 on Dec. 12 — has come a long way, with criminals now able to spin up ransomware much faster and deploy it across multiple targets. Dating back to the 1980s, ransomware is a form of malware used by cybercriminals to lock files on a person’s computer and demand payment to unlock them. Cybercriminals raked in $1 billion of extorted cryptocurrency payments from ransomware victims in 2023 — a record high, according to data from blockchain analysis firm Chainalysis. Experts expect ransomware to continue evolving, with modern-day cloud computing tech, artificial intelligence and geopolitics shaping the future. The first event considered to be a ransomware attack happened in 1989. A hacker physically mailed floppy disks claiming to contain software that could help determine whether someone was at risk of developing AIDs. However, when installed, the software would hide directories and encrypt file names on people’s computers after they’d rebooted 90 times.It would then display a ransom note requesting a cashier’s check to be sent to an address in Panama for a license to restore the files and directories. The program became known by the cybersecurity community as the “AIDs Trojan.”

Full report : How cloud computing, AI, and geopolitics could shape the evolution of ransomware, which could cost victims $265 billion annually by 2031, as the AIDS Trojan turns 35.