Veeam Finds Ransomware Attacks Are Driving Inflation

Credit | Caspar Camille Rubin, Unsplash
Only 1% of Survey Respondents Were Able to Maintain Prices After a Ransomware Attack, With 68% Increasing Prices by 11% or More, a Veeam Survey Reveals

Global leader in data protection and ransomware recovery Veeam is on a mission to help every organisation not just bounce back from a data outage or loss, but bounce forward. The Ohio-based company supports its clients in achieving radical resilience through data security, data recovery, and data freedom for their hybrid cloud through one solution — the Veeam Data Platform. 

The platform delivers a single solution for cloud, virtual, physical, SaaS, and Kubernetes environments, ensuring that Veeam’s over 450,000 customers have peace of mind that their apps and data are protected and always available. 

Prices increasing in response to ransomware attacks

A survey commissioned by Veeam and conducted by independent market research company Censuswide has examined the wide-ranging impact of ransomware attacks across the enterprise landscape. 

The study of 100 directors in the UK — all who had suffered at least one successful ransomware attack within the last 18 months — revealed correlations between ransomware, layoffs and business closures, proving the vital need for businesses to prioritise cyber resilience.

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Veeam’s Data Protection Trends Report 2023 found that 76% of UK companies fell victim to a ransomware attack in 2022, which highlights the need for the survey, and the scale of the challenge. 

The findings of the survey show that large organisations are having to increase costs to customers by an average of 17% following an attack. Nearly a quarter of companies (22%) said they increased prices by 21-30%, while 6% increased prices by 31-40%. In total, 68% of companies increased prices for customers by 11% or more as a direct result of being attacked. Just 1% of respondents were able to keep prices flat.

“Ransomware has become an unfortunate part of the business landscape, but despite the worrying nature of these findings, it doesn’t have to equate to business closure or rising costs,” says Dan Middleton, VP UK&I, Veeam.

“Understanding that ransomware and other data disruptions are inevitable will help businesses take the necessary steps – such as investing in immutable backups – to recover their data quickly, safely and reliably when needed. Achieving this level of radical resilience will remove the need to make impossible choices such as increasing costs or layoffs.”

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