Although 92% of businesses have backed their data up, be it on-site, offsite or in the cloud, more than 1 in 4 (31%) businesses reported were unable to restore their data following a ransomware attack, according to At-Bay, Inc.
The claims cost for businesses that fail to restore their data is $190,000 higher, on average, compared with organizations that successfully restore data.
The ability to successfully restore data following a ransomware attack can reduce the overall cost of a cyber incident by as much as 41%, according to the insurance agency and surplus lines broker. Organizations that successfully restore their data are three times less likely to pay a ransom demand.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
