The Real Cost of a Ransomware Attack: The Ransom Is the Least of Your Problems
About this episode
This episode discusses the extensive costs associated with ransomware attacks beyond just the ransom itself, featuring a case study of UVM Health Network.
The cost of a ransomware attack goes way beyond the ransom itself — and most organizations don't find that out until it's too late. In this episode of The Backup Wrap-up, W. Curtis Preston (Mr. Backup) and co-host Prasanna Malaiyandi sit down with Dr. Mike Saylor of Black Swan Cybersecurity to walk through every category of cost that hits when ransomware strikes. The case that kicks everything off: UVM Health Network, October 2020. Over 1,300 servers encrypted, staff forced back to paper records, patient care disrupted for weeks. Total tab? Over $63 million — and they never paid the ransom. From there, we go category by category: people costs (overtime, third-party IR firms, emergency hardware), lost business revenue, regulatory fines, reputational damage that doesn't wash off, staff burnout and resignations, supply chain chaos, payment processor shutdowns, and cyber insurance fine print that can leave you holding the bag even when you think you're covered. We also cover what you should be doing right now — before any of this happens to you. Starting with a Business Impact Analysis, which Mike argues most small-to-medium businesses can knock out in one to three weeks. Knowing…
Topics covered
- ransomware attack costs
- cybersecurity
- business impact analysis
- case study
- regulatory fines
- reputational damage
Keywords
- ransomware
- cost analysis
- cyber insurance
- business continuity
- data breach
- IT recovery
- patient care disruption
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