A recent survey conducted by Veeam Software in the UK has revealed that ransomware attacks are causing businesses to increase their prices, leading to high inflation. This survey focused on 100 directors of UK businesses with over 500 employees who had experienced a ransomware attack [2] [3] [4].
Description
The survey found that large organizations had to raise costs to customers by an average of 17% following a ransomware attack [3]. In some cases, companies even increased prices by as much as 40%. Shockingly, only 1% of companies were able to maintain prices after being attacked [2] [3] [4]. Furthermore, the survey highlighted that 78% of UK businesses reduced staff numbers following a ransomware incident [3], with nearly half doing so within the first six months [2] [3] [4]. Additionally, breached organizations had to cut operating costs by an average of 17% [3]. Directors expressed concerns that another serious ransomware attack could lead to business closure [2] [3], with 70% stating their business would have to shut down if hit with another security breach [3]. It was also revealed that it took organizations an average of two months to recover from a ransomware attack [2] [3].
Conclusion
The survey’s findings demonstrate the significant impact of ransomware attacks on businesses. Not only do these attacks result in increased prices for customers, contributing to high inflation [1] [2] [3] [4], but they also lead to job cuts and reduced operating costs. The potential for business closure due to security breaches is a major concern for directors. It is crucial for businesses to recognize that ransomware attacks are inevitable and take proactive steps to recover data quickly and safely. This survey serves as a reminder of the importance of implementing effective cybersecurity measures to mitigate the risks posed by ransomware attacks in the future.
References
[1] https://www.itpro.com/security/ransomware/report-ransomware-is-driving-up-uk-inflation
[2] https://flyytech.com/2023/12/09/ransomware-surge-is-driving-uk-inflation-says-veeam/
[3] https://ciso2ciso.com/ransomware-surge-is-driving-uk-inflation-says-veeam-source-www-infosecurity-magazine-com/
[4] https://www.infosecurity-magazine.com/news/ransomware-surge-driving-uk/
