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This piece examines the potential or estimated cost of a ransomware attack and weighs that against the option of adding a tertiary backup to the cloud as a means for ransomware recovery or response.
Reports from the last two years relating directly to ransomware costs and impact surfaced the following findings:
The Sophos report shows ransomware trends by way industries most affected. (see Figure 1).
Those findings demonstrate that all organizations are potentially susceptible, but the entertainment, technology and energy sectors are those most targeted.
Since most ransomware is paid by cryptocurrency, examining the payments to suspicious/noted ransomware cryptocurrency addresses are useful as well. In the Chainalysis Crypto Crime Report from early 2021, blockchain analysis shows the total amount paid
by ransomware victims increased by 311 percent from 2019-2020, to reach nearly $350 million worth of cryptocurrency payments (see Figure 2).
A tertiary backup scenario that replicates critical data to an offsite (usually cloud-based) data storage service may be a good insurance policy against ransomware attacks. There are several considerations if your organization is looking to add a tertiary
backup, which can include, but are not limited to:
A tertiary backup to the cloud could make sense depending on your organization and its risk tolerance.
However, pinpointing a wholly accurate average cost of ransomware impact is difficult. We suggest taking the following considerations into account when mulling over the option of a tertiary backup:
Although reasonable efforts will be made to ensure the completeness and accuracy of the information contained in our blog posts, no liability can be accepted by IANS or our Faculty members for the results of any actions taken by individuals or firms in
connection with such information, opinions, or advice.
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