Introduction

Returned from DefCon recently and the hardware hacking village still has me buzzing. But today, I am going to talk to you about something that all business owners dread and that might keep them up at night. Ransomware. It’s everywhere, and it’s only getting worse.

I’ve been doing this since the early 2000s—started out as a network admin back in ‘93, experienced the Slammer worm first hand (that was a fun day). Now I run my own security consulting shop, and in the past six months alone, I’ve worked with three banks to migrate to a zero-trust architecture. Know what they had in common? They were all afraid of ransomware. And rightly so.

Because the actual expense of a ransomware attack? It’s not just the ransom. It’s all the stuff that follows.

The Economic Effect of Ransomware

The thing is, most businesses don’t consider ransomware until it is too late. And by then, they’re rushing to determine:

• How to return their systems online.
• How much data was lost (and how much they’re liable for under law).
• Should they pay (spoiler alert: that’s a bad idea).

And it’s expensive. Seriously expensive.

Some actual numbers:

• The average ransom payment was $1.54 million in 2023.
• The cost of downtime? On average $9 million per attack.
• That doesn’t even account for regulatory fines, forensic investigations, and — oh right — customer trust.

Because here’s what happens the moment your business is attacked by ransomware. Your customers freak out. Particularly if your business is in banking, healthcare or any industry that handles sensitive data.

I’ve seen it firsthand. One of our clients, a mid-sized financial firm, was hit last year. They demanded a ransom of $1.2 million. But the real damage? The clients they lost once the attack became public. There are some things that you just don’t bounce back from.

Cost of Paying vs. Not Paying

So, do you pay the ransom?

Look, I get the temptation. Your business is frozen, your systems are seized, and some shadowy cybercriminal offers a solution. But here’s why paying almost always makes it worse:

• There’s No Guarantee You’ll Get Your Data Back. Half the time, they abscond with the money.
• You’re Supporting Criminal Organizations. That money goes directly into scaling their operations — more attacks.
• You May Be a Target Again. Criminals maintain lists of companies that paid. Yes: If you pay once, they may strike you again.

And don’t forget — depending on your domicile, paying a ransom might even be illegal.

Prevention vs. Recovery

The majority of enterprises believe that cybersecurity is costly. And yeah, it’s an investment. But in relation to the price of recovering from a ransomware attack? It’s a bargain.

One mistake that I see time and again — companies not investing enough in proactive security and paying dearly after an attack.

Let’s break it down. What’s cheaper?

• Firewalls, threat detection, segmented backups?
• Or tens of millions in ransom and lost revenue?

And the numbers don’t lie.

What actually works?

• Zero-trust architecture (all users and devices are verified—no one is trusted)
• Regular patching and updates (no excuses, patch your systems)
• Immutable backups (if attackers can delete your backups, you’re already done)
• Employee training, as phishing remains the no. 1 way ransomware spreads
• Endpoint detection & response (EDR) (as traditional antivirus is ineffective against modern ransomware)

I know, I know — this stuff takes time and money. But so does ransomware.

Cost-Saving Security Solutions from PJ Networks

Security is what we do—disasters is what we prevent. Because I’ve seen it happen: businesses collapsing under the burden of a poor cybersecurity posture.

Here’s how we prevent ransomware from robbing you blind:

• Next-Gen Firewalls: Old firewalls are ineffective against modern threats. Our firewalls include deep packet inspection, AI-driven threat detection, and real-time response.
• Zero-Trust Architecture Implementation: We’ve helped banks lock down their networks—your company shouldn’t be any different.
• 24/7 Managed Detection & Response (MDR): Attackers don’t sleep, and neither does our security team.
• Automated Backups & Disaster Recovery: Offsite, immutable & ransomware-proof.
• Tailored Security Assessments: No company has the same threats—our specialists identify and mitigate your most significant weaknesses.

Conclusion

Ransomware is not going to go away. The attackers are becoming more sophisticated, more organized, and more aggressive. If you are not actively protecting against ransomware, you are waiting to be a victim.

Takeaway: Proactive cybersecurity will always be cheaper than recovery. Always.

Never mind when you are looking at a ransom note for millions. Protect your business today. Your customers — and your bottom line — count on it.