What is the cost of a ransomware attack?
Ransomware is on the rise and is affecting more individuals, companies, and even whole countries than ever before. Most recently there was the Oldsmar pipeline attack, followed by an attack that affected Kaseya & the technology industry, and the latest attack happening to the entire region of Lazio, Italy. It might not seem as frightening to SMBs because you feel like you are too small for these dark web attackers to go after you, but security should still be a core aspect of your business! In this blog, we will review the 4 other costs associated with a ransomware attack outside of extortion, according to Webroot!
The biggest and most known expense associated with a ransomware attack is extortion.
Productivity
Have you thought about the other costs? What about the lost productivity? The quicker you catch the attack the faster you can fix the damage and get back to work. What if you don’t catch the attack and you are unaware for 24 hours or more? According to Webroot’s 2021 threat report on the low-end lost productivity could cost $300/$750 for 3 hours of downtime to $4,000/$5,000 for 5 days of downtime. These vary depending on the business, but don’t consider critical deadlines and that you will resume peak productivity immediately. With hundreds of articles, videos, and courses showing you ways to increase productivity, can your company afford the cost of lost productivity?
The cost of downtime.
How long do you think the downtime will be? Will you be up and running right after you pay the ransomware extortion? Most likely not. It will take time to get your information back, get organized, and regain the security of your environment. There are things you can do to reduce downtime if you are hit with a ransomware attack.
- Catching the attack quickly
- Having great backups and a disaster recovery plan
- Paying the ransom
Impact on Clients
When you are hit by a ransomware attack it not only affects your company, but your clients! Depending on the ransomware attack and what data they have encrypted will determine how much your clients are affected, but they will be able to feel some effect. Whether that be their project is placed on hold until your environment is secure again or there is less time devoted to this client while everything is being fixed. Your client might be understanding and willing to work with you, but some have deadlines of their own.
Reputation damage
If you have made it through a ransomware attack and have handled all the costs associated up to this point, congratulations. It is a big deal to be hit by an attack and a big deal to make it through one. The last cost you will need to consider once you are on the other side is the cost associated with a damaged reputation. Will an attack put you in the papers? Will your current clients or future clients be ok that you were hit with ransomware?
This blog is not meant to overwhelm or scare you, but to express the importance of protecting your company from a ransomware attack. If you are to get hit by a ransomware attack this will also give you an idea of cost outside of extortion. To hear more about Webroot’s leading antivirus protection and how Infotect has been protecting its customers for over 20 years please email us at marketing@infotectdesign.com. Take back control of your technology environment and stop these attacks!