Projecting the overall cost of a ransomware attack can be tricky for security executives considering the many factors that can come into play when responding to and recovering from one. Information from numerous previous incidents show the costs go well beyond any demanded ransom amount and the costs associated with cleaning infected systems.
Consider the following examples. The Erie County Medical Center (ECMC) in Buffalo, NY, last July estimated it spent $10 million responding to an attack involving a $30,000 ransom demand. About half the amount went toward IT services, software, and other recovery-related costs. The other half stemmed from staff overtime, costs related to lost revenues, and other indirect costs. ECMC officials estimated the medical center would need to spend hundreds of thousands of dollars more on upgrading technology and employee awareness training.
