According to a recent, in-depth survey of 1,400+ managed services providers (MSPs), ransomware attacks resulted in a sobering impact for 2019.
- 85% of MSPs reported that ransomware was the most common malware threat to SMBs
- 15% of MSPs reported multiple ransomware attacks in a single day
- Ransomware downtime costs rose by 200% YoY
- Average downtime cost per incident was $141,000
- Ransom costs rose by 37% YoY
- Average ransom cost was $5,900
However, ransomware predictions for 2020 are worse.
View all the details for yourself with the new infographic available from the cybersecurity prevention and mitigation experts at SWK Network Services.
What Are the Ransomware Predictions for 2020?
In the new decade, 96% of cybersecurity experts like SWK Network Services predict that ransomware attacks will continue at current or worse rates. These new attacks are likely to result in a larger impact on small to midsized businesses like yours.
In 2020, expert ransomware predictions suggest that ransomware will:
- Target IoT devices (64% of MSPs predict this outcome)
- Capture critical utility infrastructures, including power grids (56% of MSPs predict this outcome)
- Target users based on demographics (49% of MSPs predict this outcome)
How to Predict a Cybersecure 2020 for Your SMB
Modern ransomware attacks are designed to circumvent traditional cybersecurity solutions, such as antivirus, email/spam filters, ad blockers, and endpoint detection and response platforms.
This is why IT security experts like SWK Network Services suggest implementing both employee awareness training to prevent attacks, as well as a business continuity solution that can provide fast, effective backup and disaster recovery, which can mitigate the effects of an attack.
Business continuity has a large impact:
With business continuity, 4 in 5 MSPs reported that clients fully recovered in 24 hours or less.
Without business continuity, less than 1 in 5 MSPs reported that clients were able to do the same.
Discover more ransomware predictions for 2020, learn about where ransomware comes from and how it spreads, and determine if your industry is one of the industries that are most likely to be affected.
Or, fill out the form below to get all the details on ransomware in the in-depth Global Ransomware Report.