Ransomware and the Cost of Downtime - IT Infographic

Ransomware and the Cost of Downtime

The Rise of Ransomware

In 2017 there were 184 million ransomware attacks.

In 2019 there were 187.9 million ransomware attacks. 

In the first half of 2020, ransomware attacks grew by 715% as cybercriminals began exploiting the COVID-19 pandemic.

By 2021, a business will fall victim to a ransomware attack every 11 seconds. About half of businesses worldwide are hit by ransomware each year.

Ransomware Attacks Are 2.5x More Damaging than Other Cybersecurity Incidents

Average Global Ransomware Demand:

• 2018 - $4,300

• 2019 - $5,900

• 2020 - $5,600

Average Downtime Cost as a Result of an Attack:

• 2018 - $46,800

• 2019 - $141,000

• 2020 - $274,200

Small and Medium Businesses Keep Taking the Bait

Leading causes of ransomware attacks reported by Managed Service Providers (MSPs).

• 54% of SMBs are hit with phishing emails

• 27% of SMBs have poor user practices

• 26% of SMBs lack cybersecurity training

Downtime after an attack can cost nearly 50x more than the ransom itself.

To Pay or Not to Pay - Either Means Downtime

98% of those who pay the ransom receive a decryption tool from the hacker.

34% of businesses take more than a week to recover from ransomware, and for some, a full recovery can take months.

That means they still face costly downtime while decrypting
their data - 4% never successfully recover the encrypted data.

91% of MSPs say clients with a Business Continuity and Disaster Recovery Plan (BCDR) are less likely to experience significant downtime from ransomware.

Business Continuity and Disaster Recovery (BCDR)

Why BCDR? Comprehensive BCDR will:

• Reduce downtime during a security incident or emergency

• Quickly restore key information for minimal disruption

• Help maintain regulatory compliance

• Help you determine lessons learned after an incident

• 4-in-5 small businesses with BCDR recover from ransomware within 24 hours

Key Features for Maximum Resiliency

Fast Failback

• Uses a “Rescue Agent” for disaster recovery while performing a continuously-mirrored bare metal restore

Rapid Rollback

• Allows incremental reversion to a previously-backed-up state without reformatting or re-partitioning

Instant Virtualization

• Minimizes downtime after an attack or outage, with virtualization in the cloud or locally

Ransomware Detection

• Automated post-backup ransomware scans and data  and boot verification ensures you know as soon as ransomware is detected

Two-Factor Authentication

• Secures a backup solution to prevent ransomware attacks from compromising data

Secure Cloud Backup

• Offsite, secure, SOC 2 and GDPR compliant, geo-replicated cloud infrastructure enables fast and secure disaster recovery

Interested in learning how to protect your business from cyber threats such as ransomware? Get in touch today to learn more about iCorps cybersecurity programs and solutions.