Global State of Ransomware Report 2020 • Blisstech Solutions

Datto have released their annual Global State of the Channel Ransomware Report for 2020. They have interviewed more than 1000 managed service providers (MSPs) around the world. The report gives details on the state of ransomware from the perspective of the professionals responsible for managing small and medium-sized business (SMB) IT systems.  Here are some of the key findings:

COVID-19 and remote working

The number of ransomware attacks has increased during COVID-19, largely precipitated by people working from home, using personal computers that are not secure and are possibly being shared by an entire family who do not follow the best security practices.

COVID-19 impact on ransomware according to MSPs

Business owners do not see the threats

An interesting statistic in the report is that, while 84% of MSPs believe that SMBs should be very concerned about ransomware, only 30% of SMBs are concerned. The SMB figure was even lower in Europe, at 19%. This indicates a problem regarding awareness within SMBs of the threats. That said, 50% of MSPs report that their clients’ security budget had increased in 2020, most likely because of the COVID-19 pandemic and the increase in home working.

84% of MSPs vs 30% of SMBs said they were concerned about ransomware

Ransomware is becoming more evasive

MSPs report that ransomware is becoming better at evading detection, with 50% of MSPs stating that it got through all security defences. This is largely because cybercriminals use a slightly modified version of their ransomware for each attack so that it avoids detection. Using a multi-layered approach to cybersecurity is more likely to prevent an attack than just using a single solution.
SMBs must assume that it is a case of, not if, but when you will be attacked, and prepare for that eventuality.
Having a defensive in-depth approach, encompassing cybersecurity tools, business continuity and disaster recovery (BCDR) solutions, incident response planning and user awareness training, will give you the best chance of avoiding an attack, and recovering from an attack when it happens.

MSPs report that many of the security solutions used could be bypassed by ransomware

MSPs statistics on which cybersecurity solutions were bypassed by ransomware

Phishing is the number one cause of ransomware attacks

54% of MSPs reported that phishing emails were the leading cause of ransomware attacks amongst their clients. Using security solutions to detect and block phishing emails is important, but not as important as educating your users on how to recognise and report suspected phishing emails.

Top causes of ransomware

Quick recovery minimises impact

Ransomware attacks can have a massive impact on a business’ ability to operate. The biggest consequence of a ransomware attack is the loss of productivity caused by downtime. Having the ability to quickly recover from an attack is key to minimising the impact.  Clients with BCDR solutions and plans are far less likely to experience significant downtime. 91% of MSPs said clients with BCDR were able to recover from a ransomware attack very quickly.
The reputational damage caused by an attack cannot be understated. If your customers think you are not taking care of their data, are they likely to go elsewhere?

Top consequences of ransomware

 

Conclusion

Ransomware is not going away. In fact, each year the numbers increase. This is because it is very profitable for cybercriminals. While they are able to extort money from their victims, they have a business model that is profitable, and they will continue.
While paying the ransom should never be completely discounted in your incident response plan, it is a risky approach as there is no guarantee that the cybercriminals can be trusted to complete their side of the bargain.  Plus, paying cybercriminals only perpetuates the problem.
The best way to protect your business from ransomware is to have a layered approach which comprises cybersecurity awareness training, incident response, cybersecurity tools, and a BCDR solution.
If you are interested in understanding how we can help you to protect your business from ransomware please click this link to arrange a call. We’d be delighted to discuss this with you.

 

 

More Content

Tech Tip: How to use Mail Merge

This Tuesday Two Minute Tech-tip shows you how to automate customised emails and letters using Mail Merge. Imagine; you need to send a letter or email to 10s, or even 100s of people with the same base content, but personalised for each recipient. You could manually...
Blisstech - Top M365 Tools - Blog image

Unlock the Hidden Productivity Gems within Microsoft 365

Microsoft 365 is a cornerstone for many businesses, but its vast potential often remains untapped. While applications like Word, Excel, PowerPoint, and Teams are widely used, there's a treasure trove of productivity-enhancing tools waiting to be discovered. Embark on...

Bonus Guide: The Crowdstrike Outage Explained

Download our free guide summarising everything you need to know about the recent Crowdstrike outage. This is written specifically for business owners and managers. Inside, you’ll discover: What CrowdStrike is What happened on Friday 19th July 2024 The impact of the...

How to Secure Your Business from Cyber Threats in 2024: A Free Guide

Protect your business from these cybersecurity threats in 2024 We’re weeks away from the new year. And this is a great time to start thinking about what needs to get better in 2024. We believe you should allocate more of your business’s precious resources to the...
If Microsoft can pull this off, it’ll change your workflow forever

Windows Agent Arena – If Microsoft can pull this off, it’ll change work forever

Wouldn’t it be great if your Windows 11 computer could handle tasks like a real-life assistant? Soon it might be able to and we’ll tell you all about it here.

Tech Tip: How to create a table of content in Word

Happy Tuesday everyone! Today's Two Minute Tech Tip was an idea given to me by my apprentice, George Borns. When asked what would be a good idea for a Tech Tip and without hesitation, George said "What about headings and tables of content in Word?" It is a great tip...
Microsoft takes the pain out of updates

Microsoft takes the pain out of updates with checkpoint cumulative updates

Updates are a pain, right? Time consuming and disruptive. Not anymore… Here we tell you how Microsoft’s latest Windows 11 update is making things quicker and easier.

KEMP Virtual Santa Fun Run Logo

Blisstech Solutions sponsors KEMP’s Virtual Santa Fun Run

In 2020 everything has been different, and the traditional KEMP Hospice Santa Fun Run is no exception.  In a year where so many charity and participation events have been cancelled, it is great to see that this iconic local event is going ahead, albeit in a very...
Cyber security training once a year isn’t working

Cyber security training once a year isn’t working

You’re wasting your time on annual cyber security training. Why? Because it’s simply not cutting it anymore. Discover a better plan here.

10 Simple Tips for Avoiding Phishing Scams: How to Stay Safe Online

10 Simple Tips for Avoiding Phishing Scams: How to Stay Safe Online What is Phishing? Phishing is a common online scam in which cybercriminals try to trick you into sharing personal information, such as passwords and credit card numbers. Phishers often use email or...
Share This
Contact
Love Lane
Cleobury Mortimer
Shropshire DY14 8PE

01299 382 321
[email protected]
Copyright © 2024 Blisstech Solution Ltd
Registered No: 08125391 VAT No : 307 5490 05