Having a stout, multi-layered cyber security plan has never been more important than it is now. Not only are costs rising, but attacks are getting more sophisticated.
Figuring the true cost of downtime from a cyber security incident can be a lot like guessing the number of marbles in a glass jar: Anyone’s guess, really.
So shoulders shrug and business moves on as usual – perhaps dangerously so.
In business, there’s strength in numbers. They provide clear insights that help organizations make educations moving forward Industry leader Datto recently published a series of statistics to help give businesses a number to wrap their heads around. The question? What is the average downtime cost as a result of an attack?
The significance? Having a stout, multi-layered cyber security plan has never been more important than it is now. Not only are costs rising, but attacks are getting more sophisticated. The numbers and information below should safely vouch for this sentiment.
Why Ransomware, specifically? Why not other threat vectors?
It’s prevalent. In 2021, a business will fall victim to a ransomware attack every 11 seconds. It’s potentially much more damaging. Ransomware attacks are 2.5X more detrimental than other cybersecurity incidents.
So, what is the average downtime cost as a result of an attack?
According to Datto, the average downtime cost in 2020 was $274,200. That number rose significantly from 2018 ($46,800) and 2019 ($141,000). Downtime isn’t the only cost associated with Ransomware: There’s the ransom, of course. According to Datto, the average global ransom demand in 2020 was $5,600, down slightly from 2019 ($5,900) but up from 2018 ($4,300).
Attacks are getting more sophisticated… How so?
- Attackers target and encrypt backup solutions to increase the likelihood the victim will pay the ransom.
- New ransomware exploits Wake-on-LAN (WOL) to power up more networked devices and increase its spread. What is WOL? It’s a networking standard that essentially allows a computer to be powered on or awakened from standby, hibernate or shutdown from another device on a network.
- Hackers target managed service providers (MSPs) to gain access to multiple businesses in a single attack.
- Downtime after an attack can cost nearly 50X more than the ransom itself.
You need a plan – a Backup Plan.
A Business Continuity and Disaster Recovery (Plan) is a holistic strategy for, in the event of a disruption, recovering mission-critical data, restoring IT systems, and getting operations back up as soon as possible.
91% of MSPs say clients with a business continuity and disaster recovery plan (BCDR) are less likely to experience significant downtime from ransomware. In fact, 4 in 5 small businesses with BCDR recover from Ransomware within 24 hours, according to Datto.
Comprehensive BCDR will:
- Reduce downtime during a security incident or emergency
- Quickly restore key information for minimal disruption
- Help maintain regulatory compliance
- Help you determine lessons learned after an incident
Datamax can help you develop that plan.
There's strength in numbers. And then there's strength in a sound, multilayered strategy for protecting your assets from cybercriminals, especially if the unexpected occurs. To learn more about Datamax TechCare Program, an IT engagement that cares for all aspects of your technology infrastructure (including a solid BCDR plan), set up a visit with a Datamax technology consultant.
SOURCE: Datto
