With survey findings gather from 1,700+ Managed Service Providers (MSPs) serving over 100,000 small to medium sized businesses (SMBs), Datto's Ransomware Report provides a unique look into the state of ransomware from the perspective of the IT Channel and their SMB clients who are dealing with these infections on a daily basis. 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 the growing threat.
So what are the costs associated with a ransomware attack?
1. Without a decryption key, data is lost.
After an SMB has fallen victim to a ransomware attack the users' files become encrypted. There is no way to recover the affected files without the decryption key, forcing users to pay the ransom.
2. Just because you pay, doesn't mean you'll recover your data.
You never want to feel the need to negotiate with criminals for your encrypted files. There is no guarantee that after you pay the ransom you will receive the decryption key needed, and hackers could even take your money and then charge a higher price.
3. Local isn't the only device affected.
If the device that has fallen victim to ransomware is connected to a network or shared drive, any and all other devices connected are at risk to data loss and corruption. More often than not, networks are infected by a botnet, or groups of devices connected to the internet configured to forward spam and viruses to other devices.
4.The ransom cost is increasing.
In the early days, ransom payments started out around $300, but have since increased to $700 per attack. As time goes on ransom costs increase, pressuring SMB's into paying quickly to avoid 'late fees'.
5. Business Downtime.
How long can your business afford lost productivity, profits and labor time? As a result of ransomware SMB's face business-crippling downtime. Use this tool to calculate downtime costs
So what can you do to protect your business?
The only way to ensure your business is protected from ransomware, is to have a Business Disaster Recovery Plan (BDR plan) in place. Did you know that 52% of business experience more than one backup failure every year?