Research findings suggest meeting demands after ransomware attacks simply invites more attempts
It’s not a stretch of the imagination to describe the current business environment as hostile. From pandemic-enforced changes in the ways businesses operate to constrained economic growth and stifled demand for many services, business leaders across industries have their hands full.
While ransomware attacks have been growing in volume and sophistication, it was not until the last year or so that they gained the mainstream attention we see today.Ransomware attacks usually force organisations offline, leading to major disruptions within organisations and their supply chains. Downtime poses the risk of organisations not being able to deliver services, which can be catastrophic when it affects critical national infrastructure such as power grids and ports.
Those hit by ransomware experienced an average of seven days of downtime and for 44% it was a week or more. The cost of these attacks, or any type of successful cyber attack, is immense. According to research by the Ponemon Institute, data breaches cost SA organisations an average of $2.14m, about R30m, per breach. Worryingly, it took SA organisations an average of 177 days to identify a data breach and another 51 days to contain it.
Ransom payments actually play into the hands of criminals. When an organisation suffers a ransomware attack and makes the payment it becomes a prime target for future attacks. And cyber insurance is no longer the silver bullet: many insurance firms no longer cover the cost of ransomware payments.
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