- 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.
- 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
- 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.
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