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Among Online Criminal Activities, Ransomware Remains the Biggest Offender

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According to the report, 1 in 5 SMBs report that they’ve fallen victim to a ransomware attack. 85 percent of MSPs report attacks against SMBs in the last two years

Cyberspace is overflowing with malicious activity. But among online criminal acts affecting businesses today, Ransomware remains the biggest offender.

Datto's "Global State of the Channel Ransomware Report" sheds light on the current state of this notorious online threat, pulling together perspectives from Managed Service Providers (MSPs), their partners, and their clients from around the world. It also eyes the perspectives from both the IT channel and the SMB clients it serves.

The bottom line? Ransomware is still the #1 villain.

The biggest takeaway? According to the report, 1 in 5 SMBs report that they’ve fallen victim to a ransomware attack.  Furthermore, 85 percent of MSPs report attacks against SMBs in the last two years. In the first half of 2019 alone, 56 percent of MSPs report attacks against clients, and 15 percent of them reported multiple ransomware attacks in a single day.

3 More Key Takeaways Regarding Today’s Biggest Online Offender:

1.The disconnect between MSP and SMB.

In 2019, only 28 percent of MSPs report that SMBs are currently "very concerned" about Ransomware. Those same providers report that 89 % said that SMBs “should be very concerned” about the threat.

As detailed in our blog way back in 2017, “7 Things Every SMB Must Know About Cybersecurity,” SMBs must take security seriously, and in doing so, implement a multi-layered approach that includes the following:

  • The Gateway or Firewall Level – One recommendation is Advanced Gateway security suite, which has capture advanced threat protection (when you open an attachment, or click on a link that downloads something, it executes that link in a sand box in the cloud before it gets to your computer).
  • The Email Level – spam filtering services with advanced threat protection against malicious emails.
  • The Desktop Level – Anti-virus/anti-spyware/anti-malware on every system. (as soon as a file is touched, it’s scanned before being delivered to you).
  • The Patch Level – Ensuring systems are patched and up to date, as well as ensuring you’re running operating systems that are still supported by Microsoft.
  • The End User Education level – With the emergence of social engineering, end users are a prime target.
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2. Traditional defenses don’t always work.

In the Datto Report, MSPs report clients fell victim to ransomware despite having implemented the following:

  • Antivirus software
  • Email/spam filters
  • Ad/pop-up blockers
  • Endpoint detection and response platform

According to Datto, traditional cybersecurity solutions like antivirus and email/spam filters are no match for many cyber attackers. A multi-layered approach must include business continuity at the core. Learn more by downloading our Business Continuity Planning Essentials eBook.

3. The aftermath can get ugly.

When it comes to Ransomware, the payment request pales in comparison to the cost of downtime, which Datto reports being 23X greater than the actual ransom request. MSPs report the average cost of ransom increased by 37% from the previous year, and the average downtime cost per incident has soared over 200 percent from the previous year.

Statics show that the following consequences resulted from a ransomware attack:

  • 65 percent of MSPs report loss of business productivity
  • 45 report business-threatening downtime
  • 34 percent report lost data and/or device
  • 33 percent report infection spread to other devices on the network
  • 29 percent report decreased client profitability
  • 23 percent report that clients paid a ransom and recovered the data

Cyberspace’s top offender is on the loose. Is your business vulnerable?

Datamax wants to provide SMBs full protection from the malicious activity that looms over every workday and every end user. If you're ready to assess whether or not your network is at risk, schedule your Datamax Technology Assessment today!

schedule your technology assessment today!

SOURCE: Datto

Topics: Network Management Network Security Ransomware