Ransomware Continues as Greatest Cybersecurity Risk for SMBs in 2021

We probably sound like broken records at this point, but for the record, we’re not the only ones saying this! Ransomware is here, it’s more prevalent than ever, and most, unfortunately, it’s here to stay in 2021.

Cloud cybersecurity provider Datto recently released the findings of their fifth annual Global State of the Channel Ransomware Report. They surveyed 1,000 Managed Service Providers (MSPs) for trends and prevalent threats to small to medium-sized businesses (SMBs). The study identified ransomware as the most prominent malware threat to SMBs heading into 2021.

The chief reason for this conclusion? COVID-19. The pandemic has increased the need for more robust security measures following a dramatic increase in remote work and cloud applications.

Here are the significant findings: 

  • 60% of MSPs reported that their SMB clients had been hit as of Q3 2020
  • The average cost of downtime is 94% greater than last year
  • The average cost of downtime is 6x greater than 2018 (an increase from $46,000 to $274,000)
  • 59% of MSPs said remote work due to COVID-19 led to an increase in ransomware attacks
  • 52% of MPSs said shifting client workloads to the cloud increased vulnerabilities

Other notable finding: the most impacted industry was healthcare with 59% reporting cybersecurity breaches.

Phishing emails proved to be the most used form of a successful attack, with 57% of MSPs reporting this as the chosen method. 

90% of ransomware attacks targeted Windows PCs, making Windows endpoint systems applications the most targeted applications by cyber attackers

Where do we go from here? 

If one thing is true it is that the risk is considerable and widespread. Even MSPs themselves are predicting elevated risk for their businesses, opting for more significant security measures. 

The study found that SMBs and MPSs are responding to the increased threat with increased budgets. This concerted effort of MSPs to protect themselves and their clients is essential to note. Businesses are investing in cybersecurity with the realistic hope that it will positively affect their business in 2021. 

Questions about the best way to protect your SMB in the New Year? PK Tech is here to help. Contact us here