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If you Google ransomware, the cyber attack in which hackers commandeer a company’s data until a ransom is paid, the resulting headlines and statistics will all point to the same conclusion: the malware has become the most prominent, global threat to business cybersecurity today.

As data is the nucleus of today’s businesses, ransomware has the potential to take out even the most stable businesses in a matter of minutes.

While a growing number of companies are leveraging the recommended solutions for protection, such as backup and disaster recovery technologies and anti-virus software, many are not.

The latter group includes a large number of small businesses who typically operate without a dedicated in-house IT expert and from antiquated systems.

These businesses rely just as heavily on data as bigger organisations, yet they often operate without the proper data protections in place to defend against, prepare for, and recover from ransomware.

According to the Federal Bureau of Investigation’s Internet Crime Complaint Center, there are nearly 2,500 complaints registered in 2015 representing £1.2M+ in damages. But the true numbers are far higher, as less than 1 in 4 incidents are actually reported.

In order to fight back against the ransomware epidemic, businesses must first be aware of the current threat they face. Next, they must implement reliable solutions and best practices as advised by the IT community and the authorities

Until now, very few studies have examined the current prevalence and ramifications of ransomware attacks on small businesses.

The results from the report below further emphasise that these companies in particular are incredibly vulnerable to ransomware, which can lead to significant downtime, data loss, financial losses and, of course, a damaged reputation.

We learned that paying the ransom doesn’t help the situation – not only does it further fuel the crimewave, but it also doesn’t guarantee the data will be returned.

The ransomware challenge requires a combination of innovative technologies and end user education. As the ransomware variants continue to evolve to a level of sophistication that surpasses our top defense solutions, so must the approach to thwart these threats.

Standard preventative measures, such as anti-virus software, SPAM filters, and regularly updating systems should be taken, but there is no sure fire way of preventing ransomware. Instead, businesses should focus on how to maintain operations despite a ransomware attack.

Lastly, as most ransomware attacks start with the single click of an employee’s mouse, companies must ensure all employees are regularly trained on cybersecurity best practices, including how to avoid phishing scams and spot a bad website.

It’s vital for businesses of every size to review their cybersecurity and data backup procedures to ensure that they can protect their business but also restore their data smoothly in the event of a ransomware incident.

About this report

With survey findings gathered from 1,100 Managed Service Providers (MSPs) in the US, Canada, Australia, the UK and around the world, this report provides unique visibility into the current state of ransomware from the perspective of the Channel and the small businesses who are dealing with these malware infections on a daily basis.

The report provides a wealth of detail into ransomware, including its frequency, the most common strains, the industries and systems most targeted, the impact, and the strategies and critical business solutions necessary to ensure recovery and continuity in the face of the growing threat.

If you would like to download the Ransomware Report, click HERE or should you wish to speak to one of our experts in regards to your security/backup and recovery strategy contact us today on 01329 239900

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