How Bad Is That Data Breach Costing You?

Ransomware attacks are on the rise, and companies are unfortunately acquiescing. What does the chaos of data breaches mean to managing data ethics and to recovery expenses?

In the movie 300, King Leonidas defended Sparta using the hot gates to narrow the point of attack from the invading Persians. Tech executives will have to channel their own inner King Leonidas to protect their databases from ransomware attacks. They must also focus on the data ops ethics needed to make good security decisions.

Data breaches have become commonplace, as data has emerged as a crucial element to critical operations. A notable example is the Colonial Pipeline attack, which halted significant oil refinement operations as a result. The company spent $4.3 million to unlock its computers and resume production. As a result of these kinds of attacks, ransomware attacks in have spiked in volume and cost. IBM’s 2021 Cost of a Data Breach noted that ransomware attacks reached $4.24 million — the highest amount recorded to date, and a 10% increase from 2020.

Attacks like the Colonial Pipeline raise questions on how to handle the expense of a data breach best. Firms usually pay the ransom, but they also face the expense of upgrading…