Beyond the economic side: The unfathomable cost of ransomware

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BlogInnovazione.it 2024-05-06
Ransomware prevention
Ransomware has dominated the news for the past two years.
Most people know that successful attacks can be financially devastating for businesses.
Typically, these conversations focus on the economic cost of ransomware and whether it is a worthwhile expense for companies.
Table of Contents
The economics of ransomware
Financial crime
Working towards resilience
Related reading
Estimated reading time: 6 minutes

Because ransomware attacks remain a significant and frequent threat to businesses, portugal rcs data with 76% of organizations experiencing at least one attack in the past year, organizations need to pay more attention to the less obvious impacts they face, such as employee burnout, costs to customers, and more. Companies need to be aware of what these costs could be.

The economics of ransomware
Today, most people recognize that ransomware is, unfortunately, a fact of life for modern businesses and organizations of all sizes. However, less attention is paid to the broader impact that many businesses suffer financial losses due to ransomware attacks . That ransomware is not just a business challenge, but a significant macroeconomic factor.

Ransomware drives inflation. A survey of UK business leaders by Veeam found that almost all companies had increased prices for customers following a ransomware attack , with 68% having to increase prices by 11% or more. At the time, inflation in the UK was 4.6% , making it clear that ransomware has the potential to disrupt the economy more than any other major market driver.