March 08, 2025 • By KWD
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Ransomware attacks have far-reaching consequences that go beyond the sensationalized expense of ransoms. New data reveals the extent to which ransomware has harmed victims' businesses.
With the future of ransomware looking dismal, it's critical for businesses like yours to have a realistic knowledge of the financial effect of a single successful ransomware assault.
There are startling statistics which support the idea that there are dire operational and business consequences of a ransomware assault.
The following is from the report published earlier this month:
- 53% said their brand was harmed;
- 66% said they lost a lot of money;
- 42% said their cyber insurance didn't cover their losses;
- 46% said part or all of their data was corrupted even after paying the ransom; and
- 25% said they had to close their doors for a while before returning.
The worst part is that 80% of those who paid the ransom were subjected to another attack.
According to Lio Div, CEO of Cyberreason, prevention is the greatest technique for managing ransomware risk and avoiding being a victim of a ransomware assault in the first place. Phishing remains one of the most common first attack channels, necessitating that organizations provide security awareness training to users to keep them informed about current phishing attempts, frauds, social engineering approaches, and campaign themes.
