Average Cost To Recover From Ransomware Skyrockets To Over $84,000
A new report from Coveware claims that the average cost to recover from ransomware now stands at just over $84,000, over double the previous figure of $41,000. Coveware’s report stated that the sharp increase isn’t just a result of cybercriminals demanding higher ransoms, but that hardware replacement and repair costs, lost revenues, and damage to the victim’s brand are harming companies more than before.
All of these costs are largely due to the increase in sophistication and duration of attacks over the previous year. New risks associated with ransomware infection make its recovery even more costly. Cybercriminals have also gotten greedier, as in many 2019 cases, the perpetrators were not content with just encrypting their victim’s data and demanding a ransom payment, but data leaks were more common along with the compromise of payment card information.