The importance of investment in preventing it.

Introduction

In the last few years, ransomware emerged as one of the most destructive cyber threats to companies around the world. Although many organisations believe that paying the ransom is the main cost, the truth is quite different. In fact, the consequences of a ransomware attack can be much more serious and costly.

Downtime

One of the most significant items of cost is downtime, i.e. the time during which corporate systems remain inaccessible.
Gartner estimates that the average cost of downtime for a company affected by ransomware is about USD 300,000 per hour. This interruption of operations can lead to significant revenue losses. Choosing technology solutions that guarantee a quick restart is crucial. Given the damage of data theft, it is certainly a priority to ensure that data is available as soon as possible, allowing business departments to restart.

GDPR Penalties and Reputation Damage

In addition to direct costs, companies affected by ransomware may face penalties for violating the GDPR. These penalties can amount to up to 2% of the company’s annual worldwide turnover or EUR 10 million, whichever is greater. In addition, a ransomware attack can cause significant damage to corporate reputation. A study by Forbes Insights found that 46% of companies that suffer a cybersecurity breach experience a significant loss of their brand value and reputation.

The Prevention Cost

Invest in preventive measures. It is crucial to reduce the risk and impact of an attack. Effective recovery strategies are crucial to ensure that data can be recovered quickly. Downtime, penalties, damage to brand reputation and other collateral damage lead to significant financial losses for companies.
Investing in proactive security solutions and IT security strategies to better manage the amount of data being used in the company is essential to mitigate these risks and protect business operations in the long term.