Ransomware attacks are on the rise. New projections predict that at least 75% of IT organizations will experience at least one ransomware attack by 2025. Safeguarding against the threat of information theft, data loss, and privacy invasion, that astonishing prediction has many organizations and businesses investing in cybersecurity.
It’s crucial to know the amount of risk your business poses in being attacked, but also the potential magnitude of financial devastation.
In 2019, small businesses (with less than $2 billion in revenue) lost an average of $143,000 per ransomware attack. Often left out of the equation, business interruption loss averaged $215,000 per incident. Other expenses businesses sacrificed include paying approximately $453,000 in ransom, spending $42,000 in recovery expenses, and investing an additional $93,000 in crisis services. That same year, large businesses (with more than $2 billion in revenue) lost $18.9 million on average per ransomware attack. Subsequently, they also yielded, on average, $275,000 in other forms of recovery and $175,000 in ransom per incident. These colossal sums have increased aggressively since 2019. The annual accrued cost of ransomware increased by 243% from just 2020 to 2021 alone.
Ransomware attackers, increasingly, are tailoring their demands to each victim. Attackers augment their demands to accommodate their victims’ ability to pay, and the exertion needed to breach their security. Large businesses face more sophisticated attacks and higher ransom demands, while small businesses are more likely to be hit by predictable tactics with lower ransom demands. Nonetheless, the expenses drained from all ransomware attacks can be financially detrimental.
It’s important, now more than ever, to fortify your infrastructure against the repercussions of ransomware attacks. With the monumental shift to working from home, business cybersecurity has become paramount. As ransomware attacks become more frequent, preparedness must intensify to match.
Learn more about how to keep abreast of ransomware attacks and how to stop ransomware before it starts in the infographic below:
stopping ransomware
Infographic Source: Cyber Security Degrees
  This article was written for Business 2 Community by Brian Wallace.
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