094 90 48200    Get SUPPORT

Aniar IT Services Blog

What Makes a Ransomware Attack So Expensive?

What Makes a Ransomware Attack So Expensive?

Ransomware is no laughing matter, especially in terms of the costs it can impose on its victims—this is, after all, what ransomware is famous for. However, some of these costs can be derived from unexpected expenses and exacerbate the already significant issues that ransomware poses. Let’s go over some of the costs that you should anticipate, should you be targeted by a successful ransomware attempt.

Cost 1: Downtime

Perhaps unsurprisingly, downtime expenses make up most of the financial toll that a business suffers when successfully targeted with ransomware. Depending on the severity of the attack, a business could easily find itself taken completely out of action for days or even weeks. A survey taken in 2020 provided an estimated downtime span of about five days for an organization to completely recover, with another estimating an average of 21 days to resume operations.

This should be of serious concern to businesses, especially with the cost of such downtime rising precipitously. Data from Datto showed that downtime resulting from a ransomware attack can cost north of $274,200 (far more than the average ransomware demand totals).

Cost 2: Reputational Damage

Few things look worse for a company than having their customers’ data locked up—and presumably stolen, as we’ll get into later—so it only makes sense that ransomware can be immensely problematic for the impacted business’ public image. Surveyed consumers from numerous countries have said that they would take their business elsewhere if their data was rendered inaccessible or service was disrupted even once—with 90 percent strongly considering a business’ trustworthiness before becoming a patron and just over half avoiding companies that had experienced a cyberattack within a year prior.

This is a serious issue… particularly with groups popping up that are now collecting and sharing the data that companies have lost in a breach as part of a purported effort to improve transparency.

This means that a company seeking to protect itself will need to approach these issues on two fronts—not only avoiding successful attacks over time, but also putting themselves in a better position to react and get a handle on any that come later. As time goes on, this will be even more important for a company to enable.

Cost 3: Upgrade Costs

While there are truly few benefits to experiencing a ransomware attack, it can at least motivate a business into making the necessary upgrades to protect themselves from that point on. However, these kinds of upgrades don’t come cheap.

After all, these upgrades should equate to far more than just a fresh coat of paint. We’re talking about something akin to a comprehensive overhaul from the bottom up just to ensure that whatever vulnerability—software or otherwise—allowed the attack access has been identified and resolved. As one might imagine, these circumstances aren’t cheap for the business, adding to the burden that a cybersecurity event imposes.

Cost 4: Layered Extortion

We aren’t going to lecture you once again by defining ransomware and all that. What we are going to do is pose a simple question:

Let’s say that you are infected, and to keep your data from being deleted, your business elects to pay up. However, what guarantee do you have that the cybercriminals will keep up their end of the bargain and release the data they have encrypted, rather than keep it or share it on the Dark Web?

Frankly, you don’t—and knowing this, many cybercriminals have begun to steal data before encrypting it, adding the idea of data exposure to their target’s list of concerns. Class-action lawsuits are a real possibility if a business’ entire client list were to have their personally identifiable and sensitive information disclosed online.

Cost 5: Price of the Ransom

Finally, we come to the cost of the ransom itself. While one might expect just biting the bullet and paying for the return of a business’ data would be a less costly option than it would to completely restore a business’ infrastructure from scratch, this isn’t the reality.

Who said the cybercriminal had to return it in its original condition, after all?

Taking this factor into consideration (as well as the costs that come with recovering and restoring this data after the fact), it actually turns out that paying the ransom is far less cost-effective than just restoring data from a backup.

Protecting Your Business Against Ransomware in the First Place is the More Cost-Efficient Option

So, it is safe to conclude that the only reliable means of protecting your business and its data against ransomware’s ill effects is to proactively prepare for its eventuality. Aniar IT Services is here to help see you through it with our comprehensive data backup and continuity services, as well as the security we can assist you in implementing. Find out more by reaching out at 094 90 48200.

Don’t Let Burnout Overcome Your Business
Taking a Close-Up Look at the 3-2-1 Backup Rule
 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Friday, May 07 2021

Captcha Image

By accepting you will be accessing a service provided by a third-party external to https://www.aniar.ie/

Mobile? Grab this Article!

QR-Code dieser Seite

Tag Cloud

Tip of the Week Security Technology Best Practices Productivity Business Computing Google Email Cloud Privacy Efficiency Network Security User Tips Internet Workplace Tips Data Hackers IT Support Innovation Mobile Device Hosted Solutions Communication Software Hardware Microsoft Small Business Collaboration Android Business VoIP Users Data Recovery Data Backup Smartphone Smartphones Phishing IT Services Managed IT Services Computer Cybersecurity Windows 10 Tech Term Mobile Devices Cloud Computing Malware Network Communications Backup Managed Service Gadgets Quick Tips Miscellaneous Windows Outsourced IT Business Continuity Browser Disaster Recovery Business Management Saving Money Internet of Things Artificial Intelligence Passwords Covid-19 Upgrade Spam BDR Information Facebook Holiday Save Money Chrome Server Microsoft Office Office 365 Social Media Paperless Office Router Wi-Fi How To Operating System BYOD Blockchain Automation Word Cybercrime Ransomware Health Computers Data Security Data Storage Apps Applications Encryption Human Resources Infrastructure Windows 7 Government Patch Management Networking Mobile Office Remote HIPAA Remote Monitoring Mobile Device Management Settings Data Breach Virtualization Two-factor Authentication Money Connectivity Telephone System Managed IT Vendor Machine Learning Vulnerability Display Software as a Service Managed Services Big Data Remote Work Staff Information Technology Bandwidth History Data Protection Wireless Private Cloud IT Plan Business Technology Remote Workers WiFi Processor Comparison OneNote Printing Vendor Management Identity Theft Unsupported Software Google Docs Hard Drive Law Enforcement Net Neutrality Servers Telephony Office Augmented Reality Sports Education Managed Services Provider Scam Access Control Spam Blocking Business Intelligence CES Update Help Desk Compliance Digital Signage Procurement Fraud Botnet Bring Your Own Device Cryptocurrency IT Management Content Management Training Keyboard Managed IT services Employee/Employer Relationship App VPN Website Conferencing Redundancy Meetings Voice over Internet Protocol Password Google Drive Remote Worker Telephone Systems Social Engineering Virtual Assistant Audit Avoiding Downtime Physical Security Millennials USB Wiring Policy Root Cause Analysis Wireless Charging Inventory Enterprise Content Management Mobility Copiers Cast Criminal Twitter Proactive IT Peripheral Excel Search Engine Investment Virtual Desktop Business Mangement Smart Tech Going Green Digital Signature Printers Virtual Reality Professional Services Employees Public Cloud Value Workforce Electronic Medical Records Wire Firewall Managed IT Service Procedure Flash Google Apps Password Management Social Development Specifications Addiction MSP Project Management Quick Tip Tip of the week Online Shopping Bing ROI Personal Mobile Data loss Trending Gmail Employee Saving Time Computer Fan Credit Cards PDF Entertainment Warranty Cabling Fiber Optics Sales 5G Software Tips Data Management Unified Threat Management FinTech HaaS Workers NIST Messaging File Sharing ISP Bitcoin Regulations Windows Server 2008 Evernote Cleaning HVAC GDPR Digitize Computer Tips Hacker Cortana Alert Recycling Devices Supply Chain Management The Internet of Things HBO FENG Printer Cables Trend Micro SharePoint Telecommuting Mobile Computing OLED Using Data Apple Authentication SMS Cache Cryptomining Batteries PCI DSS Computer Care Practices Remote Computing IT Assessment Digital Security Cameras Skype eWaste Thought Leadership Google Search Outlook Amazon YouTube Mouse Default App Shopping End of Support Virtual Machine AI Solid State Drive Travel Smart Office Biometric Security Safe Mode Security Cameras Windows 10s Tools Work/Life Balance Wireless Internet Database Virtual Private Network Customer Service Downtime Charger Hosted Computing Shortcuts Windows Server 2008 R2 OneDrive Ergonomics Start Menu Screen Mirroring Legal Save Time Frequently Asked Questions Recovery Amazon Web Services Accountants Microchip IT Infrastructure Social Network Customer relationships Smartwatch Hypervisor Document Management Camera Manufacturing Computing RMM Employer-Employee Relationship Sync Multi-Factor Security Password Manager Nanotechnology Windows 10 Managing Stress Public Speaking Presentation Hard Drives Lithium-ion battery Search Wireless Technology Tech Support Personal Information Safety IBM CrashOverride Productivity Marketing Budget Financial Competition Emergency Customer Relationship Management Managed Service Provider IP Address Regulation Hiring/Firing Fun Company Culture Domains