Creating a Ransomware-Resilient Business

In today’s digital age, your business relies on technology to run your operations – from connecting employees to managing your finances to collaborating across departments. While this technology can make your business run efficiently, it can also provide access points to cyber criminals looking to steal data through malware and ransomware attacks.

In fact, malware and ransomware are two of the most pressing cyber security challenges facing businesses today. Understanding the impacts of these threats is the first step toward protecting your business.

Business impacts of ransomware

From financial losses to reputational harm, the effects of a ransomware attack can be severe and far-reaching.

Remediation costs

The financial toll of ransomware is staggering. In 2023, businesses across the U.S., Canada and Europe paid an estimated $1.1 billion USD in ransom – nearly double the $567 million reported in 2022. And that’s just the beginning. Consider these figures:

• Average ransom demand: $2.73 million¹

• Average ransom demand: $2.73 million¹

• Highest ransom paid: $40 million³

• Average ransom paid: $1.85 million⁴

Beyond the ransom itself, businesses often face added costs for recovery and repair, potential fines from regulators, legal fees, and system upgrades. In many cases, the total cost of recovery far exceeds the ransom payment.

These expenses can severely disrupt your ability to operate, pay employees or suppliers, and plan for long-term growth.

Business interruption

Even when no sensitive data is lost, ransomware attacks can bring operations to a halt. System downtime, staff diversion, and investigation efforts all eat into productivity. According to 2024 survey conducted by the Canadian Internet Registration Authority (CIRA):

• 32% of cyber attacks prevented employees from carrying out daily work

• 21% of business owners reported shelving future plans due to an attack

Customer and reputational impact

The financial impact of data loss extends beyond remediation. The average cost per lost or stolen record containing personally identifiable information is $180⁵. But the long-term cost that comes with a loss of trust can be even higher. The same CIRA survey indicates that:

• 26% of businesses reported losing customers after a cyber incident

• 28% said their reputation suffered as a result

How to prepare for and prevent cyber attacks

From leadership to frontline staff, everyone has a part to play in your organization’s cyber defense. Here are several effective and easy-to-implement strategies to reduce your risk:

• Create regular off-site backups: This ensures you can quickly restore systems if your data is compromised.

• Install software updates regularly: Keeping software current eliminates vulnerabilities cyber criminals know about.

• Establish formal security policies: Clear guidelines help employees understand their responsibilities.

• Train your employees: Educating staff on phishing, ransomware and social engineering raises their awareness and gets them cyber savvy.

• Invest in cybersecurity tools: Collaborate with your IT team to make strategic technology decisions that can protect your systems and data.

Who to call in case of an incident

While it might seem safer to stay silent after an attack, failing to report it can hinder recovery efforts and allow the perpetrators to target others. If your business is affected:

• Contact law enforcement: Local or federal agencies can help coordinate response efforts and investigate the incident.

• Notify your financial partners: Banks and credit unions can help monitor your accounts for suspicious activity.

• Reach out to the Canadian Centre for Cyber Security: This national agency offers tools, guidance and coordination for cyber incident response.

Ransomware and malware are critical threats that every business must be prepared for. This white paper explores the risks in greater detail and outlines proven strategies to help protect your organization. Complete with best practices and incident response tips, it’s a valuable resource for building a ransomware-resilient business.

Sources:

• 1. Sophos, State of Ransomware 2024

  2. NetApp, Measuring the True Cost of a Ransomware Attack.

  3. Business Insider, One of the biggest US insurance companies reportedly paid hackers $40 million ransom after a cyberattack.

  4. Astra, 100+ Ransomware Attack Statistics 2025: Trends & Cost.

  5. Statistics Canada