Business Continuity and Disaster Recovery (BCDR): the number one solution in combating ransomware

Datto’s 5th annual Global State of the Channel Ransomware Report was recently presented. More than 1,000 Managed Service Providers (MSPs) worldwide were surveyed about the current cybersecurity landscape and the impact of COVID-19 on it.

An important conclusion from the study is that MSPs report that ransomware is the biggest cyber threat to SMBs. 70% of MSPs surveyed indicate that they have SMB customers who have fallen prey to ransomware attacks. Business Continuity and Disaster Recovery solutions can help combat cyber attacks.

In addition to a huge increase in the number of attacks, the impact of a ransomware attack is also much greater than before. The average ransom cost is USD 5,600 per incident, while the average downtime cost is now USD 274,000 per incident, an increase of 94% compared to 2019.

Less downtime through Business Continuity Management and Disaster Recovery solutions

The good news is that according to 91% of MSPs surveyed, companies that prepare and take measures by implementing Business Continuity Management and Disaster Recovery solutions are less likely to experience long and costly downtime. Other effective measures to prevent downtime, according to MSPs, include employee training, endpoint detection and response platforms, and patch management.

Conclusions of the Global State report confirm the importance of Business Continuity

Some other notable conclusions from Datto’s Global State of the Channel Ransomware Report study include:

  • COVID-19 has a major impact on IT security

    59% of MSPs surveyed indicate that mass working from home during the corona crisis has resulted in an increase in ransomware attacks. The MSPs indicate that healthcare is the most vulnerable sector at 59%, followed by the financial sector at 50% and government institutions (45%).

  • Downtime costs are increasing enormously

    MSPs report that the average downtime costs per incident have increased by 94% compared to 2019. Downtime costs are almost 50 times greater than the ransom demanded in 2020. This indicates how important it is to have business continuity in order and back up backup and recovery solutions to limit the risk of downtime.

  • Downtime has major consequences for continuity

    The aftermath of a cyber attack causes enormous disruptions to the business process. 39% of MSPs indicate that their customers’ business-critical processes were so seriously threatened by downtime as a result of an attack that business continuity was at risk.

  • IT security budgets increased

    50% of respondents indicate that their customers’ budget for IT security has increased in 2020. This shows that SMEs take the dangers of ransomware seriously. But not only SMEs are at risk of a ransomware attack. 95% of MSPs say their own companies are increasingly being targeted by attacks. Nearly half (46%) of MSPs say they work with Managed Security Service Providers (MSSPs) to help with IT security, both for their customers and for their own organization.

Cyber security companies under pressure

Due to the corona pandemic and working from home, the cyber security of companies is constantly under pressure. The need for additional IT security has increased dramatically and so have other preventive measures to reduce the risks of cyber attacks. This requires an organization-wide approach: investments in IT and implementation of Business Continuity Management, but also creating awareness and training employees.

COIN for continuity

COIN has been helping companies for over 17 years to ensure their continuity after every incident. Are you looking for support in drawing up your continuity plans or would you like advice on Disaster Recovery measures? Contact us, we are happy to help you.

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