The number of cyber incidents continues to rise, yet SMBs are largely in the dark according to a survey of more than 200 Australian Managed Service Providers (MSPs).
Highlights and key recommendations from the third annual ANZ State of the Channel Ransomware Report compiled by Datto are detailed below.
Report highlights according to SMBs:
- SMBs are largely in the dark about the frequency and severity of ransomware attacks – less than 1 in 5 ransomware attacks are reported to the authorities.
- Ransomware in the cloud is rising with 38% of ANZ MSPs reporting infected SaaS applications, the highest rate of SaaS ransomware globally (global average 28%). Of those in ANZ, nearly 45% called out Microsoft Office 365 as the target.
- In the first half of 2018, ANZ MSPs reported the highest number of ransomware attacks against SMBs globally – 64%, compared to a global average of 55%.
- 60% of MSPs reported SMB clients experienced business-threatening downtime as a result of a cyberattack.
- The cost of business downtime is nearly 10X greater than the cost of the ransom requested.
- 84% of MSPs report SMB recovery from an attack in 24 hours, or less when they have a business continuity and disaster recovery (BCDR) solution in place.
- MSPs highlight lack of cybersecurity awareness as a leading cause of a successful ransomware attack, ranking phishing emails as the top ransomware delivery method followed by malicious websites, web ads, and clickbait.
- No single industry is sage, however the most recent OAIC statistics report, detailing from 1 October to 31 December 2018, found that the healthcare and finance industry were the two most targeted industries.
Key recommendations from the report:
- Businesses must prepare the front line of defence: your employees
SMBs must provide regular and mandatory cybersecurity training to ensure all employees are able to spot and avoid a potential phishing scam in their inbox, a leading entrance point for ransomware.
- Businesses must leverage multiple solutions
Today’s standard security solutions are no match for today’s ransomware, which can penetrate organisations in multiple ways. Reducing the risk of infections requires a multilayered approach rather than a single product
- Businesses need to focus on business continuity
There is no sure fire way of preventing ransomware. Instead, SMBs should focus on how to maintain operations despite a ransomware attack. One way to do this is a solid, fast and reliable business continuity and disaster recovery solution.
- Businesses need a dedicated cybersecurity professional
SMBs often rely on a “computer savvy” staff member to handle their IT support and not an IT expert. If a company cannot afford a complete IT staff for 24/7 cybersecurity monitoring, they should be leveraging a Managed Service Provider (MSP) who has the time and resources to anticipate and protect a company from the latest cybersecurity threats.
About Datto:
As the world’s leading provider of IT solutions delivered by Managed Service Providers (MSPs), Datto believes there is no limit to what small and medium businesses can achieve with the right technology. Datto offers business continuity and disaster recovery, networking, business management, and file backup and sync solutions, and has created a one-of-a-kind ecosystem of partners that provide Datto solutions to half a million businesses across more than 130 countries. Since its founding in 2007, Datto has earned hundreds of awards for its rapid growth, product excellence, superior technical support, and for fostering an outstanding workplace. With global headquarters in Norwalk, Connecticut, Datto has international offices in the United Kingdom, Netherlands, Denmark, Germany, Canada, Australia, China, and Singapore. Learn more at https://www.datto.com/au/.
