Ransomware remains the most common cyber threat to SMBs

Ransomware remains the most common cyber threat experienced by SMBs, according to a survey by Datto. The fourth annual Global State of the Channel Ransomware Report surveyed more than 1,400 MSP decision makers that manage the IT systems for small-to-medium-sized businesses (SMBs).

While ransomware is used against businesses of all sizes, SMBs have become a prime target for attackers. The report uncovered a number of ransomware trends specifically impacting the SMB market:

Ransomware attacks are pervasive. The number of ransomware attacks against SMBs is on the rise. Eighty-five percent of MSPs reported attacks against SMBs over the last two years, compared to 79 percent of MSPs who reported the same in 2018. In the first half of 2019 alone, 56 percent of MSPs reported attacks against SMB clients.

A disconnect exists on the significance of ransomware as a threat. Eighty-nine percent of MSPs report that SMBs should be very concerned about the threat of ransomware. However, only 28% of MSPs report SMBs are very concerned about the threat.

The cost of ransomware is significant. Sixty-four percent of MSPs report experiencing a loss of business productivity for their SMB clients while 45 percent report business-threatening downtime. The average cost of that downtime is $141,000, a more than 200 percent increase over last year’s average downtime cost of $46,800. The report also uncovered that the cost of downtime is now 23 times greater than the average ransom request of $5,900.

 

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