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The rising cost of ransomware

The average ransom demanded from SMEs by hackers has increased to around £2,000, according to Datto’s latest European State of the Channel Ransomware report. This is just a fraction of the total cost of an attack, which rises to an average of £107,956 when associated downtime is taken into account.

More than half (54%) of managed service providers (MSPs) surveyed for the report have clients that have suffered a loss of business productivity after a ransomware attack, with 34% describing that downtime as ‘business threatening’. One third have seen clients lose data and/or devices, infections spread to other devices on the network and reduced profitability.

More than half (51%) of MSPs believe the greater sophistication of ransomware attacks will bankrupt entire companies, with attackers increasingly targeting IoT devices (cited by 69%), followed by social media accounts (59%) and utility infrastructures (52%).

Phishing (65%), lack of cyber security training (31%) and weak passwords (27%) are the top three causes of successful ransomware attacks.

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