"Ransomware Surge is Driving UK Inflation, Says Veeam"

According to security researchers at Veeam, the ransomware epidemic hitting UK businesses is leading many to increase their prices, adding to already high inflation.  The researchers surveyed 100 directors of UK businesses with over 500 employees that had been successfully compromised at least once by ransomware in the past 18 months.  The researchers found that large companies had to increase costs to customers by an average of 17% following an attack.  Over a fifth (22%) of respondents said they increased prices by 21-30%, while 6% increased prices by 31-40%.  Just 1% of companies were able to keep prices the same following a ransomware compromise.  Inflation in the UK is among the highest in Europe, standing at 4.6% in October.  The researchers claimed that three-quarters (76%) of UK firms fell victim to a ransomware attack last year.  However, it’s not just prices that are being impacted by these breaches.  The researchers also found that 78% of UK businesses reduced staff numbers following an incident, with nearly half (47%) doing so in the first six months.  Breached organizations claimed they had to cut operating costs by an average of 17%, with 11% of respondents doing so by 21% or more.  Some 70% of respondents claimed their business would have to close if they were hit with another security breach, and even more (78%) revealed that a previous organization they worked for went bankrupt within a year of an attack.  The researchers noted that it took responding organizations, on average, two months to recover from a ransomware attack, with 16% taking between three and six months.

Infosecurity reports: "Ransomware Surge is Driving UK Inflation, Says Veeam"