2018 has almost reached the half way mark and there still isn’t tangible ransomware removal technique or tool that can help the corporations and those being affected by it. Thought there’s still no proper tool to help you remove ransomware, you can take some comfort in the fact that the number of ransomware is still low. There is a looming fear that there might be an onslaught of ransomware any time. Hence, every day there’s no ransomware attack is a blessing that people know how to appreciate.
However, there are some things that people and corporations alike should be aware of. It is commonly assumed that the real cost of ransomware begins and ends when they encrypt your PC and demand a ransom. Because there are no ransomware removal tools available, a victim will either pay the amount or get their OS re-installed. What these victims may not be aware of are the salient costs that are often unknown to many victims.
Because ransomware remains an enigma for many industry experts and tech giants, its potential impact is something that’s not completely understood. There have been reports of organizations, who have found themselves to be the victims of ransomware and have had more than their data stolen. In a recent ransomware attack that affected the Erie County Medical Center (ECMC) in Buffalo found its data encrypted with a ransom note that demanded $30,000. When the final calculations were made, it turned out that the ECMC had actually spent around $10 million dealing with the consequences of those attacks.
Because the ECMC was unable to remove ransomware, it had to deal with IT service losses, recovery costs, staff overtime costs, lost revenue as well as indirect costs. This wasn’t a one off incident either.
The City of Atlanta that found itself at the centre of controversy had to pay $5 million to solve its ransomware problem. For several days, the ransomware kept the city’s vital services practically crippled which resulted in costs that have still not been accounted for.
There is an emerging realization within companies and customers that being a victim of ransomware causes a lot financial damage than the ransom demanded.