Ransomware Surge is Driving UK Inflation

The latest data from Veeam indicates that the surge in ransomware attacks on UK businesses is not only causing financial loss and disruption, but also contributing to the country's already high inflation rates. According to the data protection firm's survey of 100 directors of large UK businesses that have fallen victim to ransomware attacks in the past 18 months, many of these companies have been forced to increase their prices in order to recoup losses and cover the costs of cybersecurity measures. This trend is likely to have a widespread impact on consumers as well, as the rising prices set by these businesses to offset ransomware-related expenses are likely to be passed on to customers. The survey highlights the urgent need for robust cybersecurity measures and proactive strategies to mitigate the growing threat of ransomware attacks, as the consequences of these breaches extend far beyond just financial loss. As businesses grapple with the challenges posed by ransomware, it is crucial for organizations to prioritize cybersecurity and invest in comprehensive data protection strategies to safeguard against future attacks.