The Cost of Ransomware to Businesses

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.

As a ransomware removal service provider, we understand that the cost of ransomware goes beyond ransom payment and data restoration.  

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

There are many factors that impact the real cost of a ransomware attack. According to IBM’s research, the average data breach cost was USD 4.35 million in 2022. It’s not rare cases where ransomware cost the business itself, such as the case of Lincoln College, which closed after 157 years due to a ransomware attack. 

Here is a list of the consequences and true cost of ransomware attacks:

1. Downtime

Ransomware will lead to downtime, which is inevitable. You must protect your client’s data, prevent the ransomware from spreading, and take action to minimize the damage. To work on eliminating the ransomware and recovering the data, your business system will suffer downtime. 

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

If hackers accessed a client database, a company would be required by law to disclose the breach to their clients.  After that, many clients will stop doing business with you. Especially if you did not take all the proactive actions to prevent the data breach. After a ransomware attack, your Customer Support team must increase their communications to maintain the clients. 

These losses can be unfathomable, and organizations need to stay resilient as they seek to recover from ransomware.

4. Legal expenses

Ransomware victims may have to engage an attorney to ensure they are following all applicable laws regarding data breaches at their local, state, and federal levels.

Organizations that host sensitive data, such as Personally Identifiable Information (PII) or Protected Health Information (PHI), will need additional legal counsel to determine what breach notification laws were triggered and how to let your clients know.

Also, many clients will take legal measures against your company after a data breach. It’s crucial to handle it well to prevent further damage to your own business.

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:

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.

Assessment fee
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.

Ransom risk
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.

Ransomware recovery is a tricky area, one that does not have enough awareness around.  Letting the professionals do what they do best will ensure your systems are restored quickly, correctly, and efficiently while keeping the bad guys off your systems. If you would like to speak with us about how we can recover your locked files, we’re here to help.

Next steps for ransomware recovery

Are you a victim of ransomware and need assistance?

Request a Ransomware evaluation

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