{"id":4342,"date":"2020-09-18T13:34:09","date_gmt":"2020-09-18T17:34:09","guid":{"rendered":"https:\/\/solutionsreview.com\/endpoint-security\/?p=4342"},"modified":"2020-09-18T13:34:09","modified_gmt":"2020-09-18T17:34:09","slug":"the-cost-of-ransomware-payments-is-the-tip-of-the-iceberg","status":"publish","type":"post","link":"https:\/\/solutionsreview.com\/endpoint-security\/the-cost-of-ransomware-payments-is-the-tip-of-the-iceberg\/","title":{"rendered":"The Cost of Ransomware Payments Is The Tip of the Iceberg"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-3919\" src=\"https:\/\/solutionsreview.com\/endpoint-security\/files\/2019\/05\/fileless-malware-mod.jpg\" alt=\"The Cost of Ransomware Payments Is The Tip of the Iceberg\" width=\"800\" height=\"400\" srcset=\"https:\/\/solutionsreview.com\/endpoint-security\/files\/2019\/05\/fileless-malware-mod.jpg 800w, https:\/\/solutionsreview.com\/endpoint-security\/files\/2019\/05\/fileless-malware-mod-300x150.jpg 300w, https:\/\/solutionsreview.com\/endpoint-security\/files\/2019\/05\/fileless-malware-mod-768x384.jpg 768w, https:\/\/solutionsreview.com\/endpoint-security\/files\/2019\/05\/fileless-malware-mod-540x270.jpg 540w, https:\/\/solutionsreview.com\/endpoint-security\/files\/2019\/05\/fileless-malware-mod-162x81.jpg 162w, https:\/\/solutionsreview.com\/endpoint-security\/files\/2019\/05\/fileless-malware-mod-360x180.jpg 360w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">So how much does a ransomware attack actually cost? Can we calculate the full cost of a ransomware attack on businesses over both the short and the long term?<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\"><div class=\"box box3\">Our <a href=\"https:\/\/solutionsreview.com\/endpoint-security\/free-endpoint-protection-buyers-guide\/\" target=\"_blank\" rel=\"noopener noreferrer\">Buyer&#8217;s Guide for Endpoint Security<\/a> helps you evaluate the best solution for your use case and features profiles of the leading providers, as well as a category overview of the marketplace. We examine antivirus, data loss prevention, application control, and other critical capabilities in detail. Get the latest on endpoint security here.<\/div><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">It turns out we can! Paul Furtado, a senior director and analyst of MSE security at Gartner, led a session at Gartner&#8217;s Security &amp; Risk Management Summit. The session, entitled \u201cFighting Ransomware in Midsize Enterprises,&#8221; explored the costs of a ransomware attack in detail. According to Furtado and <\/span><a href=\"https:\/\/www.coveware.com\/blog\/q2-2020-ransomware-marketplace-report\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400\">Coveware<\/span><\/a><span style=\"font-weight: 400\">, the average cost of a ransomware attack payment by a midsized business in Q1 2020 was $178,254. That represents a significant cost for a substantial portion of businesses.\u00a0<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">However, that number only scratches the surface of the true cost. First, you have to factor in the downtime that results from a ransomware attack. Any amount of downtime can damage your business workflows and profits, and thus it can multiply the costs by five to ten times. This makes the current total between $891,270 and $1,782,540.\u00a0\u00a0<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Worse, these only represent the tangible costs we can accurately predict in the fallout of a ransomware attack. For example, your industry may come with its own legally binding compliance mandates which enforce fees in the wake of a data breach. Also, Furtado notes that data affected by ransomware could end up damaged: \u201cThink of a database where somebody may have records open or a file in use. They&#8217;re going to encrypt that data, even though it&#8217;s not necessarily sitting at rest and may be sitting in transit. But the chances are when you go to decrypt it, it&#8217;s corrupted.&#8221;\u00a0<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Corrupted data represents a significant cost in human work hours and money to recover or to replace (if it can be replaced at all).\u00a0<\/span><\/p>\n<p style=\"text-align: justify\">Learn more about defending against ransomware in our <a href=\"https:\/\/solutionsreview.com\/endpoint-security\/free-endpoint-protection-buyers-guide\/\" target=\"_blank\" rel=\"noopener noreferrer\">Endpoint Security Buyer&#8217;s Guide<\/a>.<\/p>\n<p><span style=\"font-weight: 400\"><div class=\"widget\"><div class=\"aside-card\">\t\t\t<div class=\"textwidget\"><p><a class=\"#\" href=\"https:\/\/solutionsreview.com\/endpoint-security\/free-endpoint-protection-buyers-guide\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-1682\" src=\"https:\/\/solutionsreview.com\/endpoint-security\/files\/2019\/01\/endpoint-security-speedbump-cta.jpg\" alt=\"Download Link to Endpoint Security Buyer's Guide\" width=\"800\" height=\"225\" \/><\/a><\/p>\n<\/div>\n\t\t<\/div><\/div>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>So how much does a ransomware attack actually cost? Can we calculate the full cost of a ransomware attack on businesses over both the short and the long term? It turns out we can! Paul Furtado, a senior director and analyst of MSE security at Gartner, led a session at Gartner&#8217;s Security &amp; Risk Management [&hellip;]<\/p>\n","protected":false},"author":41,"featured_media":3919,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1,335],"tags":[1246,1276,75,22,13,40,15,161,92,23,84],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Cost of Ransomware Payments Is The Tip of the Iceberg<\/title>\n<meta name=\"description\" content=\"So how much does a ransomware attack actually cost? Can we calculate the full cost of ransomware attack on businesses of all sizes?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/solutionsreview.com\/endpoint-security\/the-cost-of-ransomware-payments-is-the-tip-of-the-iceberg\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Cost of Ransomware Payments Is The Tip of the Iceberg\" \/>\n<meta property=\"og:description\" content=\"So how much does a ransomware attack actually cost? Can we calculate the full cost of ransomware attack on businesses of all sizes?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/solutionsreview.com\/endpoint-security\/the-cost-of-ransomware-payments-is-the-tip-of-the-iceberg\/\" \/>\n<meta property=\"og:site_name\" content=\"Endpoint Security &amp; Protection Platforms | Solutions Review\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/solutionsreview\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-18T17:34:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/solutionsreview.com\/endpoint-security\/files\/2019\/05\/fileless-malware-mod.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ben Canner\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@InfoSec_Review\" \/>\n<meta name=\"twitter:site\" content=\"@InfoSec_Review\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ben Canner\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/solutionsreview.com\/endpoint-security\/the-cost-of-ransomware-payments-is-the-tip-of-the-iceberg\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/solutionsreview.com\/endpoint-security\/the-cost-of-ransomware-payments-is-the-tip-of-the-iceberg\/\"},\"author\":{\"name\":\"Ben Canner\",\"@id\":\"https:\/\/solutionsreview.com\/endpoint-security\/#\/schema\/person\/357f925262827fcf840b4341920a1541\"},\"headline\":\"The Cost of Ransomware Payments Is The Tip of the Iceberg\",\"datePublished\":\"2020-09-18T17:34:09+00:00\",\"dateModified\":\"2020-09-18T17:34:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/solutionsreview.com\/endpoint-security\/the-cost-of-ransomware-payments-is-the-tip-of-the-iceberg\/\"},\"wordCount\":372,\"publisher\":{\"@id\":\"https:\/\/solutionsreview.com\/endpoint-security\/#organization\"},\"image\":{\"@id\":\"https:\/\/solutionsreview.com\/endpoint-security\/the-cost-of-ransomware-payments-is-the-tip-of-the-iceberg\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/solutionsreview.com\/endpoint-security\/files\/2019\/05\/fileless-malware-mod.jpg\",\"keywords\":[\"Costs\",\"Coveware\",\"Cybersecurity\",\"Endpoint Protection\",\"Endpoint Security\",\"EPP\",\"Gartner\",\"Infosec\",\"News\",\"Ransomware\",\"Security\"],\"articleSection\":[\"Endpoint Security News\",\"Featured\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/solutionsreview.com\/endpoint-security\/the-cost-of-ransomware-payments-is-the-tip-of-the-iceberg\/\",\"url\":\"https:\/\/solutionsreview.com\/endpoint-security\/the-cost-of-ransomware-payments-is-the-tip-of-the-iceberg\/\",\"name\":\"The Cost of Ransomware Payments Is The Tip of the Iceberg\",\"isPartOf\":{\"@id\":\"https:\/\/solutionsreview.com\/endpoint-security\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/solutionsreview.com\/endpoint-security\/the-cost-of-ransomware-payments-is-the-tip-of-the-iceberg\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/solutionsreview.com\/endpoint-security\/the-cost-of-ransomware-payments-is-the-tip-of-the-iceberg\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/solutionsreview.com\/endpoint-security\/files\/2019\/05\/fileless-malware-mod.jpg\",\"datePublished\":\"2020-09-18T17:34:09+00:00\",\"dateModified\":\"2020-09-18T17:34:09+00:00\",\"description\":\"So how much does a ransomware attack actually cost? 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