Somewhat counterintuitively, paying a ransom actually doubled the total cost of data remediation when compared to restoring systems via backups or other means, because the overheads of data recovery (downtime, people time, device and network costs, lost opportunity) remain similar regardless of the additional cost of the ransom. For those who refused to pay a ransom, the average cost of data remediation totaled $732,520. For those who coughed up, it was $1,448,458.
The silver lining: 94% of organizations whose data were encrypted managed to restore it — and 73% did so without paying a penny to the criminals.
This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.
Ben Schott is a Bloomberg Opinion visual columnist. He created the Schott’s Original Miscellany and Schott’s Almanac series, and writes for newspapers and magazines around the world.
For more articles like this, please visit us at bloomberg.com/opinion
©2020 Bloomberg L.P.