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The digital revolution has made permanent changes to how business is conducted and organized. Today, companies of all sizes and industries rely on electronic storage for their sensitive data, whether on a computer drive or the internet. More people worldwide than ever are gaining internet access, opening up business opportunities that weren’t possible before.  Despite the greatness of all these benefits, they come with one major drawback: the growing threat of cybercrime.

Cybercrime is a lucrative enterprise. Comparable to the third-largest economy on Earth, the globalized, anonymous nature of the internet makes it possible for malicious actors to target anyone in their sights with little fear of consequences. Ransomware is the most common type of cyber attack. In 2020, a person, business, or device was attacked by ransomware every 10 seconds. Over a five-year span, the damages caused by ransomware increased over 7,000-fold, from $24 million in 2015 to $170 billion in 2020.

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