Downtime costs large businesses an average of $200 million a year, cutting 9% of annual profits, according to a study by Splunk. And while ransomware accounts for only a fraction of that amount, businesses should definitely budget for more.
In the study, titled “The Hidden Cost of Downtime,” Oxford Economics asked executives of Global 2000 companies about the causes and costs of downtime in IT systems. They count any service degradation or unavailability of critical business systems due to cyber attacks and technical and operational failures as downtime.
“The true financial and environmental impact of downtime is hard to understate,” said Gary Steele, general manager, Splunk in a report. “Researchers tend to focus only on the downtime caused by common IT problems, ignoring the events brought about by cybersecurity failures, while leaving the secondary economic effects out of the equation.”
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