The financial burden of a ransomware attack can be staggering, encompassing high ransom rates and the struggle to keep business systems running, according to a report conducted by Timico and Datto.
For the report, titled Gone in 60 seconds: The grim reality of Ransomware, Timico surveyed 1,000 U.K. organizations, including 500 small and medium-sized enterprises and 500 large corporations.
Here are four things to know.
- The majority of companies said the effects of a ransomware attack took place almost immediately, locking down data systems within seconds (23 percent), within a minute (18 percent) or within a few minutes (26 percent).
- The majority (85 percent) of those who had experienced a ransomware attack also reported that their systems were down for a week or more, with 33 percent reporting their data was down for more than a month. A total of 15 percent said their data was "unrecoverable."
- For the majority (53 percent), financial damage was roughly £1,000 ($1,226.70) to £2,000 ($2,453.55) per day in lost revenue, due to systems being down. An additional 29 percent said they could not estimate the financial cost of the attack, since it was "unquantifiable."
- Almost one quarter (23 percent) of respondents paid a ransom of more than £5,000 ($6,133.50) to retrieve their data. Slightly more (26 percent) paid between £3,000 ($3,680.32) and £5,000 ($6,133.88).
Click here to view the full report.