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The Cost of Ransomware

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A survey has revealed that the cost of ransomware, and downtime in general, in Europe is 12x greater than the average ransom requested – far exceeding the average global rate of 10x greater.

Datto’s European State of the Channel Ransomware Report, surveying nearly 300 managed service providers (MSPs) across Europe, has revealed that the average cost of downtime in Europe has reached £26,364.  

The takeaway from the report however is that ransom payments are only a fraction of the overall fiscal damage a ransomware attack can inflict, not to mention the reputational damage. The average ransom requested is £2,064 – still a significant cost. 

Compare this to the deployment of a high quality Business Continuity and Disaster Recovery (BCDR) solution. At a fraction of the cost, protecting your business with BCDR is investing in the significant reduction of risk.

Risk

Ransomware infections in the cloud continue to increase annually. 49% of MSPs that report cloud-based malware infections cite Office 365 as the main target, up from 36% in the previous year.

The aftermath of a ransomware attack can be crippling for a business. When asked about the impacts of a successful attack, 67% of MSPs report victimised clients experienced a loss of business productivity. More than half report clients experienced business-threatening downtime.

Management

Ultimately, there is no fool-proof way to prevent ransomware from infecting your business, but you can manage the costs associated with it. One way or another, ransomware will cost you money, directly or indirectly – therefore the best way to manage the cost of ransomware is to invest in BCDR. 

In comparison to other solutions, BCDR is the most effective means to avoiding downtime caused by ransomware. Approximately 91% of victims with a BCDR solution recovered fully from a ransomware attack within 24 hours. Only 50% without a business continuity plan were able to achieve this, suffering great financial penalties.Weighing up the cost and risk, there is no good reason to leave your business exposed to this threat. Long-term budgeting for BCDR is far easier than short-term budgeting for a enormous downtime and ransom costs.

The future of ransomware

It is estimated that 92% of attacks will continue at current or worse rates. With European MSPs reporting that Windows is the most targeted system by hackers, and the number of attacks targeting Apple and Android systems increasing, there is nowhere to hide. 

MSPs predict ransomware will wreak havoc everywhere – nothing is safe. The cyber criminals will aim to blackmail entire governments, bankrupt whole companies, use ransomware as a form of cyber warfare, and erase all personal records from the internet. 

The possiblilities are endless and SMBs are in the firing line. The cost to your business in ransom demands and downtime could cost you your entire business, with the likelihood of being attacked rising everyday. 

Don’t let your business fall victim to ransomware for the sake of the price of a BCDR solution.

For more information about our BCDR solution, and how you can invest in one for your IT systems, contact our IT experts on 01283 753333 or say hello@neuways.com.

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