The impact of ransomware attacks is much more than just the sensationalized cost of ransoms. New data spells out how victim organizations have suffered at the hands of ransomware.
With the future of ransomware looking pretty bleak, it’s important for organizations like yours to have a realistic understanding of just how impactful a single successful ransomware attack can be to your business. In Cyberreason’s Ransomware: The True Cost To Business report, there are a number of shocking stats that provide insight into what the operational and business aftermath of an attack looks like. According to the report:
- 53% reported that their brand suffered
- 66% reported a significant revenue loss
- 42% reported that cyber insurance did not cover losses
- 46% had some or all of their data corrupted even after paying the ransom
- 25% had to close their doors for a period of time before reopening
And the kicker is:
- 80% of those who paid the ransom experienced another attack
According to Cyberreason’s CEO, Lio Div, “prevention is the best strategy for managing ransomware risk and ensuring your organization does not fall victim to a ransomware attack in the first place.” Phishing remains one of the primary initial attack vectors, demanding that organizations prevent phishing attacks by engaging users with Security Awareness Training to keep them up-to-date on current phishing attacks, scams, social engineering methods, and campaign themes.