Contact us today!
866-348-2602

Total Tech Care Blog

Total Tech Care has been serving Florida since 2001, providing IT Support such as technical helpdesk support, computer support, and consulting to small and medium-sized businesses.

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. Total Tech Care 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 866-348-2602.

 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Wednesday, 25 December 2024
If you'd like to register, please fill in the username, password and name fields.

Blog Archive

Sign Up for Our Newsletter

  • First Name *
  • Last Name *

      Free Consultation

      Sign up today for a
      FREE Network Consultation

      How secure is your IT infrastructure?
      Let us evaluate it for free!

      Sign up Now!

      Free Consultation
       

      Tag Cloud

      Security Tip of the Week Technology Best Practices Business Computing Cloud Privacy Hackers Productivity Hosted Solutions Software Efficiency Network Security Business Google Microsoft Internet Email Malware Backup Workplace Tips Innovation User Tips Data Computer Mobile Devices Hardware IT Services Disaster Recovery Android VoIP communications IT Support Communication Business Continuity Smartphones Miscellaneous Smartphone Mobile Device Browser Small Business Network Collaboration Productivity Quick Tips Cybersecurity Users Business Management Managed IT Services Windows Upgrade Phishing Ransomware Data Backup Outsourced IT Windows 10 Data Recovery Office Server Save Money Cloud Computing Windows 10 Passwords Virtualization Social Media Gadgets Saving Money Holiday Tech Term Chrome Automation Managed IT Services Managed Service Microsoft Office Facebook Computers Cybercrime Artificial Intelligence Operating System Internet of Things BYOD Mobile Device Management Health Wi-Fi Networking IT Support Hacking Telephone Systems Information Technology Remote Alert Information Covid-19 Managed Service Provider Spam Office 365 Router BDR Recovery Employer-Employee Relationship Bandwidth Social Engineering Mobility App History Data Breach Law Enforcement Mobile Computing Application Human Resources Password Money Remote Monitoring Big Data Encryption Applications Office Tips Government Training VPN Private Cloud Blockchain Paperless Office Managed IT Remote Computing How To Apps Mobile Office Data Storage Patch Management Windows 7 Word Flexibility Wireless Avoiding Downtime Marketing Servers WiFi IT solutions Gmail Entertainment Website Budget Settings Data Security Two-factor Authentication Bring Your Own Device Data Management Work/Life Balance Mouse HaaS Infrastructure Voice over Internet Protocol Google Drive Vulnerability Risk Management Scam Data Protection Keyboard Hacker The Internet of Things Lithium-ion battery Vendor Management Save Time USB Firewall Vendor Software as a Service Telephone System Staff Managed Services Virtual Reality Machine Learning Display Apple Cleaning Connectivity Remote Work Social Employee/Employer Relationship User Error End of Support RMM Meetings Physical Security Education Safety Conferencing HIPAA Sports Redundancy Biometrics Cryptocurrency Digital Signage Unified Threat Management Virtual Desktop Audit Proactive IT Worker Computer Accessories IT Management Best Practice Comparison DDoS Botnet YouTube Black Market Procurement IT Plan SharePoint Workplace Strategy CES Net Neutrality Help Desk Printer Unsupported Software Document Management Business Technology Printing Content Management Bluetooth Access Control Solid State Drive Customer Service Wireless Technology Charger Downtime Environment How to Virtual Assistant Compliance Authentication Managed Services Provider Fax Server OneNote Computer Care Data storage Current Events Automobile Telephony IT Consultant Database SaaS Samsung Remote Workers Update Humor Computing Infrastructure Value Processor Going Green Network Congestion Google Docs eWaste Spam Blocking Electronic Medical Records Hard Drive Identity Theft Battery Shadow IT Hiring/Firing Legal Computing Wearable Technology Internet Exlporer Augmented Reality Hard Drives Fraud Retail Instant Messaging PDF Robot Remote Worker Excel Virus Business Intelligence PowerPoint Relocation Windows Media Player Dark mode Trend Micro Recycling User Practices Default App Wiring SMS Public Computer Procedure Cache Saving Time Amazon Web Services Video Games Worker Commute Regulations dark theme Safe Mode Transportation Shopping Criminal Managing Stress Google Search Hosted Computing IT Infrastructure Experience Computer Fan GDPR Science Rootkit AI FinTech Wireless Internet Online Shopping Bing Scalability Cameras Business Owner Workers File Sharing Benefits Social Network Inventory Investment Specifications Distributed Denial of Service Customer Relationship Management FENG NarrowBand Camera Analyitcs IBM Employees Wire Employee/Employer Relationships Evernote Search Travel Flash iPhone Programming Windows 365 Smart Technology ISP ROI Millennials Printers Video Conferencing Supercomputer Sales Smart Office Bitcoin Wireless Charging Shortcuts Printer Server Software Tips Antivirus Sync Files Emails Point of Sale Personal Cryptomining Workforce Chromecast Virtual Private Network Windows 8 Supply Chain Management Monitoring Batteries Cables IT service Colocation Netflix Windows 8.1 Uninterrupted Power Supply Two Factor Authentication Digitize Nanotechnology Windows Server 2008 R2 Telecommuting Root Cause Analysis Project Management Tablet Domains HBO Monitor Knowledge Customer relationships Music Cortana Skype Email Best Practices IT Assessment Digital Signature Manufacturing IaaS Maintenance Data loss Warranty Outlook Reputation Bloatware Leadership Computer Tips Streaming Media HVAC Troubleshooting Managed IT Service Google Apps Security Cameras Biometric Security Content Start Menu Virtual CIO Tech Support OneDrive Analysis Tablets Loyalty Peripheral Devices Consultant Techology Screen Mirroring Laptop Administrator Frequently Asked Questions Customers Entrepreneur Digital Security Cameras Enterprise Content Management Books Using Data Analytics 5G Audiobook Mobile Windows 10s MSP Copiers Accountants Quick Tip Thought Leadership Credit Cards Best Available Shortcut Cast Touchpad Microchip Tip of the week Cost Management webinar Ergonomics Password Management Emergency Password Manager WIndows 7 Smartwatch OLED Multi-Factor Security Politics Professional Services Advertising Social Networking Public Cloud Employer Employee Relationship Development Assessment PCI DSS Twitter Virtual Machine Search Engine Windows Server 2008 2FA Notifications NIST Fiber Optics Business Mangement Employee Cabling Trending Running Cable Tools Messaging Smart Tech Memory Television Policy Addiction Hypervisor Amazon

      Top Blog

      The reasoning for this is simple: you want to make sure that operations are proceeding as intended, even if you’re not there. If you completely check out from the workplace every time you leave, you could return from your vacation to a complete and total disaster that may have been prevented with y...
      QR-Code