Cost of ransomware related downtime nearly doubles since 2019 according to new report

Published: Wednesday, 18 November 2020 08:59

Datto has published its fifth annual Global State of the Channel Ransomware Report, which provides the views of more than 1,000 MSPs on the security posture of small and medium sized businesses (SMBs), along with other notable trends driving ransomware breaches.

The survey found that ransomware still remains the most common cyber threat to SMBs, with 60 percent of MSPs reporting that their SMB clients have been hit as of Q3 2020. The impact of such attacks keeps growing: the average cost of ransomware associated downtime is now 94 percent greater than in 2019, and nearly six times higher than it was in 2018 increasing from $46,800 to $274,200 over the past two years. Phishing, poor user practices, and lack of end user security training continue to be the main causes of successful ransomware attacks.

Other key findings highlighted in the report are:

The survey revealed the top three ways ransomware is attacking entities:

Obtain the State of the Channel Ransomware Report.