The Real Price of Disaster Recovery
Year after year, the threat of ransomware continues to grow – targeting individuals and business alike. According to 2018 statistics, a company is said to be hit with ransomware every 40 seconds.
A ransomware attack can severely affect a businesses’ longevity and prosperity. It seems that every other week we are hearing about another company that has gotten hacked – but what is the real cost of ransomware? Well, what we can tell you is that today’s hackers have become far more sophisticated and technologically advanced, making it even harder for businesses to bounce back from a serious attack.
Real Life Cyber Attack Stories
Hollywood Presbyterian Medical Center
On February 5th, 2016, The Hollywood Presbyterian Medical Center – one of the largest hospitals in Southern California – was the target of a ransomware attack. The hacker was able to break down their entire firewall computer system and demanded $3.4 million dollars in ransom. The hacker successfully blocked all access to the company’s network, email, and critical patient information for a total of 10 days, resulting in significant internal and external losses.
Hollywood Presbyterian paid the hacker $17,000 in bitcoin in order to quickly obtain the decryption key and restore their systems as well as administrative functions. The price Hollywood Presbyterian paid in bitcoin did not compare to the overall disaster recovery price the hospital suffered when it came to lost time, files, patient care, and operating efficiency in the period that the network was down.
Los Angeles Valley College
In 2017, the Los Angeles Community College District was forced to pay a $28,000 ransom in bitcoin to similar hackers. These hackers were able to gain full control of the college campus’ email and computer networks.
In the case of the LA Community College District, it was determined by cybersecurity experts that the only way to recover the data was to pay the ransom.
What could have prevented these institutions from having to pay the ransom? A data security and recovery system. Unfortunately, neither the hospital nor the college has these systems in place prior to the attack.
The Real Cost of Disaster Recovery
When disaster strikes an organization, there are a wide variety of elements that will affect the severity of the repercussions, such as the size of the company and the infrastructure they have in place. It is easy to focus on the physical dollar cost associated with the ransom, but the long-term effects spread much deeper within the organization.
The true cost of any ransomware attack is its effect on business longevity. It is said that it takes an average of 2 years to fully recover from any data information breach in organizations of all sizes.
In order to be prepared for any attack and never have to pay the ransom, businesses should have a data protection plan and system in place. The best way to avoid disaster is to stay prepared.
At Armada Cloud, we’ve developed the tools and we offer the skills to make sure that your business is secure, leaving you protected against the consequences of ransomware.
To find out more about data protection services offered by Armada Cloud, click here.