10 Ransomware Stats That Will Surprise Business Owners

10 Ransomware Stats That Will Shock California Business Owners

Business continuity & disaster recovery vendor Datto released a report detailing the threats small business owners face online. What is the key takeaway for business owners and managers?

Ransomware is the biggest threat to SMBs.

Ransomware is a type of malicious software or malware designed to block access to a computer system until a financial ransom is paid. It typically spreads through phishing emails or by unknowingly visiting an infected website.

Buckle up if all that sounds like FUD because it only happens to giant corporations and in bad Hollywood hacker movies.

Here are ten ransomware statistics that, once you’ve read them, might convince you to reexamine your digital security measures.

Ransomware Stats

1) Ransomware remains the most prominent malware threat. In 2019, 85% of managed service providers (MSPs) reported ransomware as the most common malware threat to SMBs.

2) On average, 1 in 5 SMBs report falling victim to a ransomware attack. SMBs that don’t outsource their IT services are more at risk.

3) Phishing emails are the leading cause of successful attacks. Other causes include a lack of cybersecurity training, weak passwords, and poor user practices.

4) The average requested ransom for SMBs is approximately $5,900, up 37%, year-over-year.

5) 15% of MSPs reported multiple ransomware attacks against clients in a single day.

6) Downtime costs are up by 200% year-over-year, and downtime costs are 23 times greater than the average ransom requested in 2019.

7) SMBs fell victim to ransomware despite implementing antivirus software, email/spam filters, pop-up blockers, and endpoint detection and response tools.

8) 34% of MSPs reported clients losing data and/or devices.

9) 33% of MSPs reported that the ransomware infection spread to other devices on the network.

10) The average downtime cost increased from $46,800 in 2018 to $141,000 in 2019.

So, in short, if you own or manage a small or mid-size business in California that does not have strong security and data recovery tools in place, you have a one in five chance of falling victim to a ransomware attack that will cost you an average of nearly $150,000 in ransom plus downtime.

Ransomware Prevention & Recovery

Hopefully, by this point, we’ve convinced you that the threat to your business is real and should be taken seriously. So what should you do? The good news is that there are a variety of effective tools to combat cybercrime and ransomware.

The most effective way to combat ransomware is to increase employee awareness. By educating and training employees to recognize and report suspicious activity, most threats can be avoided or isolated early on.

Uneducated employees are not only in danger of falling victim to ransomware and other malicious attacks—they’re more likely to unknowingly pass infected emails and software on to other employees as well.

The next best solution after employee education is to implement a comprehensive business continuity and disaster recovery (BCDR) system. A BCDR system can drastically reduce or outright eliminate downtime and data loss.

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