Study: 60% of ransomware victims lost a client due to an attack

The full impact of a ransomware attack extends well beyond the ransom payment, according to the new 2022 Ransomware Impacts Survey published by Stamford-based GetApp.

The survey, which polled 300 ransomware victims, found only 11% of respondents reporting the ransomware payment was the most consequential impact of the ransomware attack. Among companies that paid the ransom, 70% reported that the attack made a major impact on productivity and 37% reported selected productivity losses as the single most consequential impact of a ransomware attack.

Furthermore, more than 60% of ransomware victims reported losing a client due to a ransomware attack while 38% lost multiple clients.

“The moment you find out you’re under attack from ransomware, chances are you’re already in for a significant financial burden, whether or not you decide to pay the ransom, ” said Zach Capers, senior security analyst at GetApp. “In fact, our research finds that one in three companies that don”™t pay a ransom still face total recovery costs of more than $50,000.”

As the number of security incidents continues to rise, businesses need to prepare for new multifaceted attacks. It is critical for businesses to have a cybersecurity response plan so they can effectively handle the impacts of an attack. Visit www.getapp.com to read the full report and find guides on creating a cybersecurity response plan.