The Average Ransomware Attack Costs Half A Million Dollars. Here's How To Prevent One

Ransomware attacks cost Canadian organizations an average of almost half a million dollars last year, according to a recent report that offers tips on preventing costly breaches.

A December 2021 report from cybersecurity firm Palo Alto Networks found ransomware attacks cost Canadian organizations an average of $458,247 last year. The majority of victims (58%) said they paid the ransom – and 14% said they paid more than once.

It's not just the ransoms that are costly – so is the road to recovery. According to the report, 58% of ransomware victims said it took more than a month to recover from an attack. Twenty-nine percent said recovery took more than three months, and 9% said it took more than five or six months to recover.