Ransomware attacks can have long-term financial consequences for companies beyond the immediate costs of the ransom, according to IBM’s Cost of a Data Breach Report. The impact can include legal and insurance fees, regulatory fines, recovery costs, and reputational damage. A breach can significantly impact company earnings and stock prices. Most companies see a drop in net income and stock prices following a breach. A major part of reducing these effects lies in being proactive and open about the breach.
Rampant ransomware attacks have hit the healthcare industry, with incidents increasing by more than 600%, costing an average of $10 million per breach. This has