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What You'll Learn Today:

The True Cost of Ransomware

The financial impact can go well beyond the initial attack.

3 Ways Ransomware Ravages

  1. 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.
  2. 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
  3. 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.

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