25 Sep

£222 m paid out by SMBs for ransomware demands in 2016

Worldwide, 1 in 20 SMBs (Small and Medium-sized Businesses) were attacked by ransomware last year. Research has revealed that funds paid out to un-encrypt data has reached a new high.

Datto, the company behind Backupify.com, a cloud backup system, have produced a report on Ransomware and found that in 2016-17, companies paid out $301 million (£222m) to ransomware hackers.

The report polled over 1700 MSPs (Managed Service Providers) who work with over 100,000 SMBs. It found that of those MSPs who responded, 99% think that there will be an increase in ransomware attacks in the coming 2 years.

The effect of a ransomware attack can be 3 fold: The cost of paying the ransom, downtime and possible data loss. Datto have stated that the downtime and data loss are the biggest issues.

Robert Gibbons, chief technology office at Datto stated: “The impact of downtime affects SMBs far more than the cost of ransom requests. Seventy-five percent of MSPs reported having clients who experienced business-threatening downtime as a result of a ransomware attack,”

The report says that attacks have been on the rise this year and more SMBs are reporting the attacks to the authorities, but most companies prefer to keep the breeches a secret.

It was also discovered that fewer companies are prepared to pay out when they are attacked and of those who do, 15% do not get their data back.

All companies are under threat from ransomware, but it was found that finance, professional services, construction, manufacturing and health care are most under attack.

Geeks Remote Support are a Datto Managed Service Provider.

Data which is backed up by Backupify cloud backup is protected from ransomware attacks.

If you are concerned about your Office 365 or G Suite data being attacked, click here to find out more about Backupify.

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