We all know that ransomware can be detrimental to businesses, but just how much could an attack cost your business? According to a survey released by Imperva, on average a ransomware attack could cost businesses anywhere from $5,000 to $20,000 dollars per day.
These figures were gathered with the help of 170 security professionals at the world’s largest cyber security conference, RSA 2017. The Imperva survey offers some great insight on the concerns and effects of ransomware.
Of the survey’s respondents, 30% said their companies had faced a ransomware attack. Looking at the 30% who had been infected by ransomware, 20% indicated that their employees and customers were unable to access their systems for 2-3 days following the attack. What exactly does the loss of system access mean for a business? Not only is downtime inconvenient for employees and customers, it also leads to loss of revenue for the business and bad publicity due to decreased customer satisfaction.
Certainly, ransomware raises a number of concerns due to its negative impact, but what did respondents say was their greatest worry concerning ransomware? While you may think this answer is obvious and that paying the ransom would be a company’s main concern, only 11% of respondents felt that way. According to the study, 59% of respondents agree that the number one cause for concern involving ransomware is the cost of downtime due to the lack of system access for customers and employees.
With over half of the 170 security professionals surveyed agreeing that the downtime from a ransomware attack is their greatest worry, it is worth taking a closer look at the topic. Imperva asked participants if they would pay the ransom demanded in an attack to avoid the costly, damaging effects of downtime. It may come as a surprise, but 79% of respondents said that they would not pay the ransom, even if it meant lessening their downtime.
Although 79% of those surveyed said they would not pay the ransom to recover their data in an attack, that does not mean they wouldn’t be losing money. Imperva estimated the cost of downtime following an attack, and the findings are certainly noteworthy.
The cost of downtime:
44% are less than $5,000
29% range from $5,000 – $20,000
27% are over $20,000
While ransomware can wreak havoc on businesses for several reasons including data and monetary loss, the effects of downtime businesses suffer due to ransomware attacks ranks at the top of the chart for reasons to be concerned.
The real cost of ransomware is downtime and lost productivity. What’s more, the availability of ransomware-as-a-service, combined with high profits for the attackers, means ransomware attacks are likely to escalate in 2017.”
– Terry Ray, Imperva chief product strategist
With cybercrime only increasing and ransomware on the rise, it is in the best interest of businesses to protect themselves from falling victim to ransomware before it’s too late.