Today, there is a rising ransomware trend that is affecting all businesses, large and small. It not only shows why security protocols are critical in mitigating the possible impact of a threat incursion, but also why having a robust disaster recovery plan in place is so critical.
Business downtime and inaccessible company data can be disruptive and exceedingly costly, above and beyond potentially having to pay a ransom to access encrypted data.
Certain instances have initiated significant impacts including:
- Upwards of $9,000 per minute of outage for large companies, or hundreds of thousands of dollars per day
- Costs can easily hit $8,000 per hour for small businesses and $74,000 for medium-sized ones, according to a recent survey.
Add to that, nearly 60% of small businesses that have experienced a major data loss or cyberattack are out of business within six months, according to a report published in Inc.