Ransomware Attacks Always Cost More Than The Ransom

There are always more costs associated with ransomware attacks than just a ransom demand.

The latest reports from the State of Ransomware in 2023 show that 34% of organizations that were victims or a ransomware attack faced more than a one month recovery time from the attack.

Previously in the 2022 report, only 24% of organizations needed a month of longer to recover from a ransomware attack.

This is especially relevant as Ascension Healthcare continues to face issues recovering from a high profile ransomware attack and keeping up normal operating services at the hands of the Black Basta ransomware gang.

Ransomware attack unfortunately come with a lot of hidden costs.

• Loss of services, such as medical care
• Lost revenue
• Legal costs
• Reputation damage
• A potential secondary attack

Being aware that suffering a ransomware attack could lead to down time of network and critical services is an important first step. Here are some other points to consider when discussing that the recovery time from a ransomware attack is increasing:

• The best response is to be proactive
• Paying the ransom does not guarantee data will be returned or won’t be leaked with extortion methods becoming more extreme
• You’re not guaranteed to have data decrypted and be safely returned if you pay the ransom
• A fully documented incident response plan and team trained to execute is critical in your ability to respond to an attack

Our experts covered the hidden costs of being the victim of a ransomware attack in the video below from our webinar: Ransomware’s Hidden Costs: What You Need To Know

Watch the clip to learn more and download the full webinar to watch on-demand for free.