What SMBs Need to Know from the State of the Channel Ransomware Report

The 2020 Datto’s Annual Global State of the Channel Ransomware Report was recently released and is chock-full of invaluable survey findings. For those who don’t speak IT, or don’t have the time to read a 22-page report (AKA every small business owner ever), we’ve boiled down what’s most important.

Key finding: This year, the average downtime resulting from a ransomware attack in the US is $308,900.

Why it matters: I repeat…$308,900! Even for SMBs who rocked their revenue goals in 2020, that’s a significant loss. In fact, the cost of downtime is nearly 50x greater than the actual ransom requested, which was on average $6,200. Investing in multilayered security measures is a no-brainer considering what’s at stake.

Key finding: Half of ransomware attacks averted antivirus/anti-malware solutions.

Why it matters: Too often, businesses think they’re safe when they’re not. Ransomware can get around many security measures because cybercriminals are getting smarter and their tactics are ever evolving. So, if your organization is left vulnerable to an attack, you better have a business continuity and disaster recovery (BCDR) plan in place to mitigate downtime.

Key finding: The number of ransomware attacks and security vulnerabilities reportedly increased during COVID-19.

Why it matters: The increase in attacks was due to an increase in working from home. Remote workforces and cloud computing inherently come with more security vulnerabilities, unless employees are utilizing a secure private infrastructure such as CompleteCloud. COVID-19 has forever changed the way people work, meaning this problem will persist beyond the pandemic. Smart leaders are investing now in long-term remote work solutions to future-proof their business.

Key finding: Of ransomware attacks on SaaS applications, Microsoft was hit the hardest, followed by Dropbox and Google Workspace.

Why it matters: The more external applications your company uses, the higher your risk of attack. Organizations that work entirely within a secure private infrastructure are better protected. That’s why Avatara is constantly innovating to ensure all productivity and collaboration tools a team could need are available directly within CompleteCloud.

Key finding: 84% of MSPs are ‘very concerned’ about ransomware, but only 30% report that their clients feel the same.

Why it matters: Considering 95% of MSPs agree that their own businesses are increasingly being targeted with attacks…if the experts are concerned, you should be too. Lack of cybersecurity education is clearly a problem that needs to addressed company-wide, from the top down. If your MSP hasn’t had a conversation about security with you, it may be time to seek out a managed security service provider (MSSP). In fact, Datto reports that 46% of MSPs now partner with MSSPs for assistance with IT security—for their clients and their own businesses.

Key finding: 50% of SMBs increased budget for IT security in 2020.

Why it matters: When it comes to the impact it can have on user productivity and a business’ ability to generate revenue, strong cybersecurity is no doubt a competitive advantage. And solutions that allow employees to return to work quickly following attacks should be considered essential.

Feeling uncertain about your company’s ability to avoid (or quickly bounce back from) a cyberattack? We’d be happy to help assess your situation.

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