The
financial impact can go well
beyond the initial attack.
3
Ways Ransomware
Ravages
The Initial
Attack:
Ransomware is installed
and a ransom request is
sent to obtain an
encryption key to
restore data; an
expensive reminder to
back up all data and pay
the upfront costs
associated with keeping
it protected.
Ensuring systems are
in place to keep
things under
lock-and-key is a
crucial step in
maintaining high
security posture.
Training your
employees regularly
to be aware of the
risks they present
as part of the human
element reduces your
company's risk of
ransomware exposure.
Retaining the
services of a
Security Operations
Center (SOC) to keep
up-to-date with the
latest best
practices is another
mitigation step to
keep your data, your
clients' data, and
vendor data tightly
secured.
Legal
Expenses:
The ramifications of
poor security posture
run deep. Here are a few
ways legal expenses can
add up:
Class-action
lawsuits awarding
damages to, or
settling with,
impacted customers /
clients as
compensation for
their information
being exposed and
enduring their own
increased costs as a
result
Battling regulatory
and/or industry
penalties for not
staying secure and
exposing particular
data types (like
healthcare and
financial
information) is
especially costly
Lawsuits from
affected parties
centered on loss of
business continuity,
dealing with
incident response,
and recovery
expenses aren't
cheap
Reputation &
Brand
Credibility:
The indirect impact of
ransomware can often be
the most expensive.
Imagine generating
new business while
you are trying to
calm upset existing
customers fearing
the worst.
The US Cybersecurity
& Infrastructure
Security Agency
found in a recent
study 60% of small &
medium businesses go
out of business
within 6 months of
suffering a data
breach.
On average,
remediation costs
have soared in the
last few years, now
hovering around $2
million to get back
on track.
Ransomware
attack costs add up
fast, can last for
years, and leave a
lasting impact on your
operation.
