The business case for ransomware exercises for business and technology teams

Jaeson A. Weber and Vanessa V. Mathews
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Jaeson A. Weber: Senior Business Resilience and Continuity Consultant, Asfalis Advisors,, USA
Vanessa V. Mathews: Founder and Chief Resilience Officer, Asfalis Advisors, USA

Journal of Business Continuity & Emergency Planning, 2023, vol. 16, issue 4, 294-303

Abstract: Ransomware attacks are increasing in complexity, scope and frequency. These attacks have had mounting impacts on critical global infrastructures and populations, with significant financial ramifications. This paper underscores the business case for the investment and execution of preparedness efforts to increase the readiness and resilience of business and technology teams. It begins by exploring the present characteristics of ransomware and the landscape of organisational preparedness, as described in various reports cataloguing current and forecasted trends in the field. This is supported by a commentary on recent noteworthy ransomware attacks. Emergency management, crisis management and general business development strategies are then merged to inform and offer actionable solutions for immediate implementation. The paper describes a systematic approach that provides opportunities to embed ransomware preparedness efforts into broader organisational strategies and goals. The business case concludes that investment in ransomware exercises offers additional benefits to organisations and companies, including employee retention and goal attainment.

Keywords: business continuity; cyber security; ransomware; extortion; preparedness exercises; critical infrastructure; learning and development (search for similar items in EconPapers)
JEL-codes: M1 M10 M12 (search for similar items in EconPapers)
Date: 2023
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