After finding out your files are encrypted from a ransomware attack, you may be wondering what it will cost to get the business up and running again. You’re likely uncertain about the cost of ransomware response and the other costs of being a victim.
You must have all the information available about ransomware costs and what you can expect throughout the recovery process. By the end, you’ll see that investing in cybersecurity is a small price compared with the damage ransomware can cause to your business.
The true costs of ransomware to a business
Here is a list of the consequences and true cost of ransomware attacks:
The cost of downtime will depend on the size of the company. However, IT specialists say that the average cost of downtime to a business is $5,600 per minute.
2. Business interruption losses
Organizations that fall victim to a ransomware attack might become paralyzed and unable to service clients. No matter what type of business you operate, if you don’t have access to the data needed to run your business (critical data), you will suffer disruption losses from ransomware.
3. Brand reputation losses
These losses can be unfathomable, and organizations need to stay resilient as they seek to recover from ransomware.
4. Legal expenses
5. Implementing new cybersecurity measures
After a data breach and ransomware attack, your business will need to improve its security measures.
Cyber security companies can help you to improve your data security and to add more security solutions to prevent new attacks.
The cost of ransomware response
The cost of ransomware response may vary depending on several factors, including the ransomware type and the time to recover. However, there are other costs such as remediation costs including downtime, network cost, loss of clients, whether you paid the ransom, and other damages that can lead to business bankruptcy.
The only way to know how much the ransomware response service will cost is by contacting a service provider.
Besides data recovery, these services offer a forensic report and ransomware removal service, to make sure there are no following attacks.
In brief, ransomware response services can:
- Identify ransomware variants
- ID the ransomware type
- Research the malware to see if it is decryptable
- Develop a risk profile based on the ransomware
- Run sanction compliance checks
- Troubleshoot issues during the decryption process
- Repair damaged files
- Remove ransomware and close backdoors
- Preserve ransomware evidence for an investigation
Contact Proven Data experts for an evaluation of your case.
What determines ransomware response costs?
Understanding what costs might determine your ransomware response evaluation will help you make more informed decisions when looking for services to decrypt your locked files.
Ransomware recovery services may or may not charge prospective clients an assessment fee, which will evaluate their current affected systems. We have seen as high as $5,000 for an evaluation or assessment fee, reported by our clients.
Number of encrypted systems
The total number of encrypted systems and networks might be a factor when determining the ransomware response cost. The more devices on your network are encrypted, the more resources are allocated to run the decryption utilities, monitor, and troubleshoot any issues that arise.
Before reaching out for a ransomware response service, businesses should inventory how many critical computers and servers they are looking to have recovered. This step will expedite the process and help a service provider understand the scope of the ransomware response process.
Some ransomware variants have higher risks when dealing with the ransomware threat actor for unlocking your files. Ransomware recovery experts can help organizations make more informed decisions about ransom risk and engage with particular ransomware variants.
Common risk factors for ransomware:
- A threat actor does not provide decryption utility.
- A threat actor increases ransom demand after payment.
- A faulty decryptor or bad key is provided.
- Decrypted files are corrupted and unusable.
Type of ransomware
The decryption process for some ransomware variants is more complex than others and requires multiple steps to complete.
Speed of service
It is important to note that some factors affect how fast your files can be recovered. This includes the responsiveness of the threat actor (where applicable), the number of systems that require restoration, and the total number of files/file sizes.
Can you recover ransomware by yourself?
DIY ransomware response is an option that may cut costs for your business to unlock your files. However, it might increase your risks and damages if you don’t have an experienced IT team.