If you’re curious how much it costs to decrypt your files after a ransomware attack, that’s a smart question because their occurrence rates have been climbing steadily. Many business owners remain completely in the dark about the disaster recovery process and, more specifically, the potential hidden costs associated with restoring their normally functioning operations. This article outlines the typical financial impacts a business owner should anticipate after a successful ransomware attack.
Since ransomware is relatively new, services that help you recover from them can be a confusing subject. Depending on the complexity of the attack, you could be facing several steep, hidden fees that may not have factored in when you drafted your initial disaster recovery plan. After a consultation session with PCH Technologies, you’ll gain the appropriate insight into how much the recovery process will cost based on our library of internal case studies documenting the recovery process at companies like yours.
A team of highly experienced security specialists at our firm will evaluate your particular situation, drawing from dozens of similar, successfully resolved client scenarios to offer the most transparent pricing structure possible. When assessing any prospective ransomware protection and recovery service provider, you should never need to worry about hidden costs, especially under the misfortunate circumstances in which you must restore your vital data immediately after an attack.
While it may not always be possible to offer an exact quote, given the elusive nature of the data recovery process, our expert security consultants will ensure that you remain aware of any potential unexpected fees. This added transparency helps to set realistic expectations about our ransomware data recovery pricing. It’s our position that before you enter into an arrangement to engage in this critical process, one that could make or break your company, you must have all the appropriate information before making that all-important decision.
Even if you decide to mitigate the ransomware attack on your own, the following pricing guide will help inform your financial decision-making as you begin the ransomware data recovery process.
What is the average cost for ransomware recovery?
It’s hard to place a figure on the average cost to recover for any one specific organization. The expenses to restore your essential files are dictated by three factors, namely: the size of your company, where it’s located, and the severity of the ransomware attack. Whenever you calculate remediation costs, system and employee downtime play a significant role in determining the expenditures associated with a complete infrastructure and data recovery.
A recent global survey spanning 28 countries and more than 5000 IT department leaders indicated that the average cost to remediate a ransomware attack in 2020 was almost $625,000. This estimation seems plausible based on our experience handling these kinds of incidents. Here are a few things to consider as you begin to evaluate the potential costs of ransomware data recovery:
Indirect fees associated with the recovery process
Assuming you know what ransomware is, to keep this article brief, we’ll skip over the description of how your files become encrypted and locked. Most business owners are somewhat familiar with how these attacks take place and are more interested in how much a potential recovery process would cost.
Perhaps the first unexpected fee you can anticipate facing is the ransom demand itself. Paying one is ill-advised, and our job is to make sure your organization is never placed in this predicament. We help you achieve this level of protection by ensuring ransomware attacks never occur in the first place. Should you ever become victimized by ransomware, however, know that the cost of obtaining the decryption keys represents only a fraction of what it will take to restore your systems back to normalcy.
Here are a few commonly hidden costs that we’re aware of, derived from the 2020 fiscal year:
- Disruption losses from downtime – Maersk, a Danish transportation enterprise suffered as much as $300M in damage after a ransomware attack from operational downtime alone.
- Litigation fees – After any significant breach that exposes their customers’ private information, businesses should expect to incur legal fees to fight impending lawsuits and regulatory actions.
- Regulatory fines – If you run a business subject to strict regulatory procedures concerning data, you could be forced to pay significant fines and penalties to the governmental bodies that control your industry.
- Brand reputation damage – You might’ve spent years, perhaps even decades, building up a loyal customer base. Yet just one breach can be enough to spell total devastation when comes to the public’s perception of your brand. Mitigating these through PR agencies and communications specialists gets expensive, and these costs are commonly forgotten in the fray.
How can a ransomware recovery service like PCH Technologies help your business?
If you fall victim to a ransomware attack and you’re unprepared, you will most likely need the help of experts to restore your essential business data. Many companies find themselves challenged when it comes to mitigating a ransomware attack, despite maintaining robust internal IT departments.
It is a fact that very few business staff have the appropriate specialized expertise to help them successfully recover from a ransomware incident within a reasonable time. Reputable managed service providers have been through the recovery process countless times and understand the tested procedures for unlocking your encrypted business information.
Our team of skilled technicians will help you understand and identify the latest ransomware variants and determine whether or not the malware installed on your system is decryptable. If you’re entirely out of options and have to pay the ransom, we’ll help coordinate the appropriate resources to conduct negotiations and make the payment on your behalf. Lastly, hiring a ransomware recovery service is the most efficient and reliable approach to rehabilitating your digital environments and infrastructure.
The key is to stay informed
Your goal should be to partner with a ransomware recovery service that instills confidence so you never have to worry when something goes wrong. We at PCH Technologies value transparency above all in during the recovery process.
Interested in learning more about your choices for recovering essential business files after a ransomware incident? Stay informed of all your ransomware recovery options by completing an online request for a discovery call, or dial us now at (856) 754-7500.