October 16, 2020
5 Ransomware Statistics Every MSP Should Know
As ransomware continues to expand and evolve across the world, it’s imperative to understand the growing threat. This past year has brought forward many challenges for businesses, and cyber risk is a constant concern for managed service providers (MSPs) and their small and medium business (SMB) clients. Here are some recent ransomware findings that shed light on the risks MSPs and their clients face.
- Hackers are opportunistic. Microsoft reported that once the World Health Organisation (WHO) declared the global health crisis as “COVID-19” back in February 2020, hackers began campaigns centred around the virus. Microsoft saw related attacks spike eleven-fold. Between April and May 2020, attacks levelled out at 20,000 to 30,000 per day in the U.S. alone.
- MSPs report their clients fell victim to ransomware despite having antivirus software, email filters, pop-up blockers, and endpoint detection and response platforms. These solutions alone are no match for ransomware and other cybersecurity threats. Instead, it’s important to take a multilayered approach to ransomware with a business continuity and disaster recovery (BCDR) solution at the forefront.
- SMBs aren’t the only businesses being targeted by hackers. 4 in 5 MSPs agree that their own businesses are being increasingly targeted by ransomware attacks. The U.S. Secret Service sent out an alert in June that shed light on MSPs being increasingly targeted by cyber attackers. The Secret Service credits MSPs’ access to their own client databases as the reason for the spike in attacks.
- In 2019, MSPs reported the cost of downtime was 23 times greater than the ransom amount requested. According to our research, the average ransom demand is $5,900 compared to the average cost of downtime coming in at a staggering $141,000.
- 92% of MSPs report that clients with BCDR solutions in place are less likely to experience significant downtime during a ransomware attack. 4 in 5 MSPs report that victimised clients with BCDR in place recovered from the attack in 24 hours, or less.
To learn more about the current state of ransomware in the global channel, check out Datto’s State of the Channel Ransomware Report. In this report, you’ll find data on ransomware attack frequency across SMBs and MSPs, ransomware defence measures MSPs are implementing, popular ransomware recovery methods, and more.