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Ransomware Attacks Can Cost Business Billions

According to a new report from the Cyber Risk Management project, a global ransomware cyber attack could cost nearly US$200 billion and affect more than 600,000 businesses across the globe.

The report presented a hypothetical scenario in which an attack is launched via an infected email that, once opened, is automatically forwarded to all contacts on that device. Within 24 hours, this infected email would encrypt all data on 30 million devices worldwide, forcing companies of all sizes to pay a ransom to decrypt their data or replace infected devices.

The industries most affected by this attack would be health care and manufacturing, at costs of US$25 billion and US$24 billion, respectively.

Notably, the report strongly suggests that the global economy is not prepared for such an attack, with 86 per cent of the total economic costs uninsured. The Cyber Risk Management project stresses the importance of organizations being better prepared for ransomware attacks, saying that it is no longer a question of “if” an organization will be attacked, but “when” they will be attacked.

For more information on cyber security see our blog posts: How is your Cyber Hygiene? and Cyber Risks to Watch in 2020. For more Cyber Security resources visit our Business Resources page.


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