Why should you protect your business from ransomware attacks?

In a recent survey, 99% of Managed Service Providers (MSPs) predict significant increases in ransomware attacks over the next 2 years. The report was conducted by our disaster recovery partner Datto – who surveyed 1,700+ MSPs that serve 100,000+ small-to-mid-sized businesses globally. They found that ransomware attacks have soared in recent years, with nearly all surveyed predicting significant increases due to continue…

So what can you do?

No one is safe – from the NHS (the UK’s biggest employer) to the average SME, everyone needs to be aware and take measures to mitigate the risk of a ransomware attack.

Some key findings of the ransomware report are as follows:

1. Global ransomware attacks against small to mid-sized businesses have risen significantly over the last 2 years. It is estimated that 5 percent of all global SMBs fell victim to some form of ransomware attack during 2016 and 2017.

2. According to 97 percent of managed service providers (MSPs), ransomware attacks are more frequent in 2017/18. Eighty-six percent cite SMB clients recently victimized by ransomware, 21 percent reported six or more SMB attacks in the first half of 2017 alone.

3. It is estimated that Ransomware attacks will continue to thrive over the next two years – as according to 99 percent of MSPs predict that the frequency of targeted attacks will continue to increase over the next two years.

4. More SMBs are reporting attacks to the authorities and less are paying the ransom. Less than one in three ransomware attacks are reported by SMB victims to the authorities, a marked improvement from one in four incidents reported in 2016. Additionally, 35 percent report SMBs paid the ransom, down from 41% in 2016. The total cost of ransom paid to ransomware hackers in 2017 is $301M. Of those victims that pay up, 15 percent still never recover the data.

4. The ransom isn’t what breaks the bank; the downtime and data loss cuts the deepest. As a result of a ransomware attack, 75% of MSPs report clients experienced business-threatening downtime.

5. Today’s ransomware hackers are ruthless and greedy. Nearly 30 percent of MSPs report a ransomware virus remained on an SMB’s system after the first attack and struck again at a later time. One in three MSPs report ransomware encrypted an SMB’s backup, making recovery even more complex.

6. CryptoLocker is still the most common variant attacking SMBs, but new and aggressive strains pop up every single day. Nearly 85 percent of MSPs who’ve dealt with ransomware report seeing CryptoLocker. Additional common variants include CryptoWall, Locky and WannaCry, which is a new addition to the list.

7. No industry, operating system, cloud or device is safe from these attacks. Among those industry verticals that are targeted most by ransomware attacks are Construction, Manufacturing and Professional Services. SaaS applications continue to be a growing target for ransomware attacks with Dropbox, Office 365 and G Suite most at risk. Mobile and tablet attacks are also on the rise.

8. When it comes to ransomware awareness, the majority are still in the dark. While 90 percent of MSP respondents cited that, they are “highly concerned” about the business threat of ransomware, only 38 percent of SMB clients felt the same. This could be due to the lack of mandatory cybersecurity training across SMBs, which MSPs cite as the leading cause of ransomware infections.

9. Ransomware outsmarts today’s top security solutions, so backup and a layered approach is essential. MSPs are reporting successful infections despite SMBs having Anti-Virus Software, Email/Spam Filters, Ad Blockers, and regularly updated applications. The number one most effective means for business protection from ransomware is a backup and disaster recovery (BDR) solution followed by cyber security training.

10. With a reliable backup and disaster recovery solution in place, the majority of SMBs will fully recover from a ransomware infection. With a reliable backup and recovery solution (BDR) in place, 96% of MSPs report clients fully recover from ransomware attacks.

claireLOGIC is a UK disaster recovery and business continuity specialist, providing industry bench-mark security solutions. For more information about protecting you and your business please contact claireLOGIC today.