Cybersecurity

How Much Does It Cost to Pay for a Ransomeware Recovery?

A ransomware attack can significantly set you back financially. The amount of money you will need to part with to pay the people behind the attacks plus other costs can be a lot. Yet incidences of these attacks continue to rise globally, with more businesses being targeted by the second.

According to a recent study conducted by Cybersecurity Ventures, it is estimated that a ransomware attack is carried out every 14 seconds. The cybersecurity firm further estimates that by the end of 2019, ransomware damages will cost the world at least 8 billion dollars.

Yet many businesses continue to overlook the threat by not investing in proper security measures to protect against the attacks. How much does it cost to pay for a ransomware recovery? Have you ever asked yourself that question?

What It Can Cost to Recover from A Ransomware Attack

Believe you me, a ransomware attack can cost your business tens of thousands, hundreds of thousands or even millions in damages, depending on its size and nature, plus other factors. It is important not to forget that a ransom will only be a small fraction of the cost and there would be other significant costs incurred. These may include;

1. Forensic investigation costs.

2. The cost of implementing new security measures.

3. Post-attack recovery costs to normalize your systems again.

4. The cost of training your staff on how to respond to possible attacks in the future.

5. Lost profits as a result of the downtime.

6. Lost clients due to a damaged reputation.

7. The cost of building your reputation to get new clients and win back the lost customers.

8. Loss of data should you fail to get all your files back. Remember, in ransomware attacks, there is never a guarantee that you are going to recover your data once you pay the ransom.

How to Avoid All The Possible Ransomware Recovery Costs

The only way to avoid losing so much money you have worked hard for, as a result of a ransomware attack, is to invest in proper cybersecurity measures beforehand. There are many reliable tools that can be used to keep malicious hackers at bay. With one such tool, all your data will be safe and literally unbreachable. Examples of best anti-ransomware tools in 2019, according to techradar.com are:

1. Kaspersky(free and paid versions available)

2. Avast(free)

3. Trend Micro(paid)

4. Bitdefender(free and paid versions available)

Final Thoughts

How much does it cost to pay for a ransomware recovery? The answer is; it can range from a few hundred dollars to millions. While projecting the exact cost of a ransomware attack recovery can be a bit challenging because every business is unique, the factors above can help you estimate the overall cost you would incur if your business was attacked by ransomware today. Putting enough security measures in place to prevent an attack remains the best option. After all, they say prevention is better than cure!

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