The high cost of ransomware: what a breach really costs your company

March 10, 2023 || Strategix Technology Solutions

Ransomware remains one of the world’s most virulent forms of cyber-attack. This malware is responsible for countless financial and reputational losses, and it continues to gain traction thanks to ever-evolving capabilities. Sophisticated and smart, leveraging the latest in artificial intelligence and automation technologies, and funded by profitable cybercrime groups, ransomware is a pervasive threat.

It is also a threat that’s left behind a trail of concerning statistics. The IBM Cost of a Data Breach Report 2022 found that 28% of companies had a destructive or ransomware-based attack at an average cost of $4.54 million per attack that excludes the cost of the ransom, and that it showed a growth rate of 41% on 2021. The State of Ransomware 2022 report by Sophos stirred additional statistics into the pot – 66% of organisations experienced a ransomware attack in 2022 compared with 37% in 2022, the payments have increased by 4% to $1 million or more, and 46% of organisations paid the ransom. Then, the Samurai Security report threw out the fact that a new vulnerability was discovered every 24 minutes in 2021 and that ransomware incident response grew 240%.

It’s a rough landscape, but it is one that organisations can protect against. There are versatile and capable solutions and services on the market that are designed to help companies build robust and resilient security systems and approaches, and that support the business both from within and without. Managed data protecton and security services have really come into their own over the past two years for this very reason.

Companies are not equipped for the cybercrime onslaught – they’re busy trying to gain market share and ensure sustainable growth in complex economic times, they don’t have the capacity or the in-house expertise to keep a close eye on the health of their security infrastructure, teams and employee behaviours. This is further complicated by the dearth of skilled security talent that’s expensive to retain and difficult to find, which can inhibit a company’s ability to stay on top of its cybersecurity.

Managed data protection and resiliency providers, on the other hand, are just that – managed. This puts the mitigation of the ransomware threat, and the catching of unexpected vulnerabilities, directly into the hands of experts who have access to a wide variety of products and platforms. This ensures that the business is capable of staying ahead of the threats in an ever-changing IT security landscape, and that the right products and solutions are implemented into the business to deliver holistic security throughout the environment.

Plus, the sheer volume of attacks that hit a business system on any given day, many of which are false positives, means that security teams can be overwhelmed and the business underserved. Trusted providers simply pick up the reins and shift the complexity of security onto their shoulders – the true meaning of lift and shift in the IT sector.

Strategix offers a comprehensive managed security service that’s designed to mitigate the risks, enhance your security profile and deliver next-generation security proficiencies to your business. Find out how you can bypass the cost of ransomware with a trusted security service provider right here.

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