Ransomware Surge is Driving UK Inflation, Says Veeam

Cyber Security Threat Summary:
New data gathered by Veeam indicates that a surge in ransomware attacks has caused businesses in the UK to increase prices, adding to the already high inflation. Veeam surveyed 100 UK businesses with over 500 employees that had been compromised by ransomware. According to the software company, large companies had to increase costs to customers by an average of 17% following an attack. Furthermore, over a fifth (22%) of respondents said they increased prices by 21-30%, while 6% increased prices by 31-40%. While customer costs increased, the breached companies also claimed to have cut operating costs by an average of 17%.

Security Officer Comments:
To prevent a further surge in costs, organizations should prioritize improving their security hygiene. In most cases, ransomware attacks begin with the victim mistakenly clicking on a malicious link or attachment, allowing the actors to compromise the targeted system and encrypt/exfiltrate data for ransom. As such organizations should focus on training their employees on how to detect and avoid different phishing lures employed by threat actors. Holding regular tabletop exercises can help enhance overall employee awareness and deter potential threats before impact.