If there is one type of cyberattack that can drain the color from any security leader’s face, it’s ransomware. A crippling, disruptive, and expensive attack to recover from, with final costs rarely being easy to foretell. Already a prevalent threat, the number of ransomware attacks rose during the pandemic and nearly doubled in the year between 2020 and 2021, continuing to rise since.
Focusing on the extortion price of these attacks, the cost of a ransomware attack can appear finite at first, but as costs accumulate over time, and include the entire recovery project, they can reach exorbitant amounts of money. In some cases, hundreds of millions of dollars are lost as the process stretches over months following the discovery of the attack.
But although these attacks raise concerns from the IT security team all the way to the board of directors, it appears that companies are not investing enough in being prepared for such a scenario.
According to the 2022 Cost of a Data Breach Report, the average ransomware attack took 237 days to identify and 89 days to contain, for a total lifecycle of 326 days. This is well over 10 months, and those are just the initial stages of the response process. Furthermore, compared to the overall average lifecycle of regular data breaches (277 days), it took 49 days longer to identify and contain a ransomware attack, for a difference of 16.3%. The longer the attackers get to dwell, the more damage they can cause, and leverage they can even ..
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