To pay or not to pay – What’s the Cost of a Ransomware Attack

The importance of having an effective cyber security system has never been more important, regardless of the size of your business, you should have an effective Cyber Security Policy, Procedure and Process in place. Recently, well-known car manufacture, Ferrari fell victim to an unidentified cyber attacker who breached the company’s security and demanded a ransom in exchange for certain customer contact information.  

The car manufacturer acknowledged the “cyber incident” on its website, stating that its subsidiary, Ferrari S.p.A., had been contacted by the hacker with the ransom demand. Ferrari, however, has chosen not to pay the ransom and has instead opted to inform its clients of the potential data exposure. The company is taking the breach seriously and is working with third-party cyber security experts to strengthen its systems. Despite the attack, Ferrari has reassured its customers that the incident has had no impact on its operations. However, it is worth noting that this is not the first time the Ferrari has been targeted by hackers; last October, the company reportedly lost 7GB of data to threat actors during a previous ransomware attack. 

Although the company have not released statements on how much this attack has cost them, recent reports by the Government shows that the average cost of an attack is about £4,200, with this dramatically increasing with the size of the organisation. This shows the potential scale of damage a ransomware attack could have on any business, both to their financial aspects and also their reputation, putting customer personal data at risk of malicious breach.  

One2Call’s Next-Generation Ransomware Protection offers real-time deep monitoring of all devices. It uses deep file inspections, with machine learning, and behavioural detection capabilities to identify breaches within your network. We offer a fully managed service package which also include a rollback and remediation process if any data is compromised, with the add benefit of auto-immunisation, protecting your business from any known malicious code that our team of experts have identified. Click the link below to start the process of implementing Ransomware Protection into your business, and find out more how Endpoint Defence and Response can prevent Ransomware attacks before they happen. 

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