Hidden Costs of Ransomware

Ransomware attacks are always in the news as we hear of companies being taken for huge amounts. Endpoint protection provider, Webroot,  estimates that the average ransomware payment in September of 2020 was $230,000. But in reality, the ransomware payment is only part of the cost. Webroot listed the following hidden costs that send the price tag of a ransomware attack even higher. 

• Lost Productivity

  • Dealing with the remediation of a ransomware attack takes a toll on all involved, which leads to a loss in productivity as well as a high opportunity cost.

• Downtime Costs

  • Downtime due to the lack of access to one’s data and/or systems can be significant. Every hour that passes where employees are unable to access customer data, financial data, or other information can be crippling and expensive.

• Impact on Client Operations

  • Almost half of the businesses in the Webroot survey stated that the ransomware attack affected client operations. The temporary or permanent loss of revenue due to effects on client relationships can sink a company.

• Brand and Reputational Damage

  • In the Webroot survey, 38 percent of businesses admitted their brand was harmed by a run-in with ransomware

NetAscendant protects the machines/networks of our customers using patch management, robust data backups, multi-layer security, and more but be sure to do your part by not allowing yourself to fall prey to phishing attacks or other cyber-scams.