Understanding Ransomware Through the Lens of Disaster Risk: Implications for Cybersecurity and Economic Stability
Vidović, N., Cvetković, V. M., Beriša, H., & Milašinović, S. (2025). Understanding Ransomware Through the Lens of Disaster Risk: Implications for Cybersecurity and Economic Stability. International Journal of Disaster Risk Management, 7(1), 247–264. Article Understanding Ransomware Through the Lens of Disaster Risk: Implications for Cybersecurity and Economic Stability Nikola Vidović1, Vladimir M. Cvetković 1,2,3*, Hatidža Beriša4, Srđan Milašinović5 1 Faculty of Security Studies, University of Belgrade, Gospodara Vucica 50, 11040 Belgrade, Serbia; vmc@fb.bg.ac.rs (V.M.C); vidovicnikola.finance@gmail.com (N.V.); 2 Safety and Disaster Studies, Chair of Thermal Processing Technology, Department of Environmental and Energy Process Engineering, Montanuniversitaet, Leoben, Austria; vladimir.cvetkovic@unileoben.ac.at 3 Scientific-Professional Society for Disaster Risk Management, Dimitrija Tucovića 121, 11040 Belgrade, Serbia; 4 University of Defence, Military academy, Belgrade – Republic of Serbia, Veljka Lukića Kurjaka 1, 11000 Belgrade, hatidza.berisa@mod.gov.rs. 5 University of Criminal Investigation and Police Studies, Cara Dušana 196, Belgrade, srdjan.milasinovic@kpu.edu.rs. * Correspondence: vidovicnikola.finance@gmail.com. Received: 30 December 2024; Revised: 14 February 2025; Accepted: 13 April 2025; Published: 30 June 2025. abstract keywords Ransomware has emerged as a modern digital crisis, mirroring the widespread disruptions typically associated with natural or artificial disasters. As global economies grow increasingly interconnected through digital systems, the fallout from ransomware attacks stretches far beyond mere technical breaches. These incidents result in severe financial damage, disrupt operations, erode reputations, and contribute to broader socioeconomic instability. This study adopts a disaster risk perspective to examine the broader economic and social impact of ransomware, particularly its effects on critical infrastructure and public trust in institutions. Through a multi-case analysis of sixteen significant ransomware attacks between 2015 and 2025, the research highlights a recurring pattern: direct and indirect costs often compound, with impacts varying from ransom demands and halted services to reputational loss and sector-wide vulnerabilities. The rise of Ransomware-as-a-Service (RaaS) has also made these attacks more accessible and complex, deepening the threat landscape. The findings underscore the need […]
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