- The CEO of a cybersecurity company looks at the costs associated with a ransomware attack
- Beyond the direct costs, an attack can also cause monetary losses through downtime, lost employee productivity, diminished customer confidence, and more
- Tips for strengthening your protections against a ransomware attack
Summary by Dirk Langeveld
Ransomware attacks, in which malware threatens to block access to computer systems or release sensitive data unless a ransom is paid, are becoming a more common threat to businesses. Many companies give in to a cybercriminal’s demands and pay the sum, and the attack can also create further costs through the need to rebuild servers as well as potential fines or litigation.
Yuen Pin Yeap, CEO of the cybersecurity company NeuShield, writes in Forbes that businesses often don’t consider how far-ranging the indirect costs of a ransomware attack can be. These effects include:
- Downtime brought on by the attack, including revenues lost while a system is inaccessible
- Reduced employee productivity
- Delays in product launches and other company activity
- Diminished brand reputation and customer confidence, including potential loss of sales
- Loss of sensitive data
Yeap offers several tips in his article for how companies can take preventative steps to eliminate weaknesses and strengthen safeguards against ransomware attacks.
