Bluegrass NewsCyber SecurityIs ransomware still a threat? | Bluegrass Group | Cyber security

Is ransomware really a threat to your business? The latest global ransomware report from Datto, the world’s leading provider of managed service provider (MSP)-delivered IT solutions reveals the answer is most definitely yes!

Released yesterday, the report summarises data compiled from a survey of over 1,400 MSPs around the world. It covers ransomware trends, frequency, statistics, and recommendations for ensuring recoverability in the face of this growing cyber threat.

Since the data source is IT providers who are dealing with ransomware at the coalface, the report provides unparalleled visibility into the state of this cyber threat.

Key findings in the ransomware report:

  • Ransomware is still the most prominent malware threat. In 2019, 85% of MSPs report ransomware as the most common malware threat to SMEs.
  • In the first half of 2019 alone, more than half of MSPs report that their clients had experienced attacks.
  • On average, 1 in 5 SMEs report that they’ve fallen victim to a ransomware attack.
  • SMEs who don’t outsource their IT services are more at risk.
  • Phishing emails are the leading cause of successful attacks. Lack of cyber security training, weak passwords, and poor user practices are among the other top causes.
  • Nearly half of MSPs report victimised clients experienced business-threatening downtime.
  • The average ransom requested by hackers is increasing, up 37%, year-over-year.
  • Downtime costs are up by 200% year-over-year, and the cost of downtime is 23X greater than the average ransom requested in 2019.
  • 92% of MSPs report that clients with business continuity and disaster recovery solutions in place are less likely to experience significant downtime during a ransomware attack.

Many SMEs have been lulled into a false sense of security as high-profile cyber attacks have been thin on the ground of late. However, this report highlights that the cyber threat continues to be present and grow in intensity.

Assuming that a ransomware attack won’t happen to your business is not a safe strategy!

To read the full report and see the recommendations, click here.

If you need help with any aspect of your cyber security, please get in touch. We can review your current set-up and advise what additional measures, if any, are necessary to protect your business.

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