The vast majority of organizations that suffer a ransomware attack experience significant impact to the business, including loss of revenue, damage to the organization’s brand, and unplanned workforce reductions, according to a report.
A panel of subject matter experts examined the findings of “Ransomware: The True Cost to Business” by Cybereason, and how organizations can better prepare to defend against and respond to the attacks.
Panelist Kerissa Varma, chief information security officer at Old Mutual Limited, said she was struck by the finding that 1 in 3 respondents suffered layoffs after a ransomware attack, which affects economies and job creation. But the impacts she found most worrisome were those to critical infrastructure, such as the Colonial Pipeline attack in the United States.
“If we don’t collectively act to improve our position, we’re going to be left very vulnerable — not just as organizations, but as people,” Varma said. “We’re going to be feeling impacts to our livelihoods, to our medical care, our water, our power, our electricity, our ability to access goods. It’s going to start physically impacting us.”
Other panelists include Bryan Hurd, chief of office at Aon Cyber Solutions, and Frank Johnson, vice president of cyber sales and marketing at Seculore Solutions. They joined hosts Sam Curry, chief security officer at Cybereason, and Todd Fitzgerald, vice president of cybersecurity strategy and chairman of the Cybersecurity Collaborative Executive Committee.