10 Takeaways from Datto’s Global State of the Channel Ransomware Report
Datto’s Annual Global State of the Channel Ransomware Report explores statistics pulled from a survey of more than 1,000 managed service providers (MSPs) worldwide. The report provides unique visibility into the state of ransomware from the perspective of the IT channel and their small and medium business (SMB) clients who are dealing with these infections daily.
The report provides a wealth of detail on ransomware, including year-over-year trends, frequency, targets, impact, and recommendations for ensuring recovery and continuity in the face of this growing threat. We also cover the effects of COVID-19 and the increase in remote work and cloud computing on ransomware trends. Dozens of datapoints shed light on the current cybersecurity landscape businesses are facing. Below are just a few of our key takeaways from the report that MSPs should be aware of.
1. Ransomware is still the number one malware threat. Nearly 70% of MSPs report ransomware as the most common malware threat to SMBs.
2. COVID-19 has had an impact on security — but not as much as you might think. Survey results revealed a near-even split between MSPs who saw an increase in attacks and those who did not.
3. The ransomware disconnect between MSPs and SMBs remains. 84% of MSPs are ‘very concerned’ about ransomware, but only 30% report that their clients feel the same way. Client education continues to be critical in the battle against ransomware.
4. SMBs aren’t the only businesses targeted. 95% of MSPs agree that their own businesses are increasingly being targeted with attacks.
5. Phishing emails top the successful attack vector list. Lack of cybersecurity education, weak passwords, and poor user practices are among the other top ransomware causes.
6. The aftermath of an attack is nothing nice. 62% of MSPs said that attacks impacted clients’ productivity, and 39% said their clients experienced business-threatening downtime.
7. The average ransom requested by hackers stayed roughly the same year-over-year. MSPs report the average requested ransom for SMBs is $5,600 per incident, compared to $5,900 last year.
8. MSPs report that the average cost of downtime is 94% greater than it was in 2019. Downtime costs are nearly 50X greater than the ransom requested in 2020.
9. 91% of MSPs report that clients with BCDR solutions in place are less likely to experience significant downtime during a ransomware attack.
10. 92% of MSPs predict ransomware attacks will continue at current, or worse, rates.
At Datto, we know that security is a topic of critical importance to you and your clients. Download our Global State of the Channel Ransomware Report today and use the compiled information to educate your clients and work to mitigate the risk ransomware poses on your business and the businesses you serve.
Author Rob Rae is senior vice president of business development at Datto. Read more Datto blogs here.