Ransomware is a security threat that has been dogging customers throughout this year, and the implications of such security breaches for managed service providers could be significant. This is because ransomware clean up costs tend to be a huge problem in Europe.
Researchers at Datto – the world’s leading provider of IT solutions – have found that increasing numbers of MSP’s across Europe had been reporting attacks with 84% of their customers being hit from 2016 to 2018. This was found to be much higher stat than from anywhere else in the world.
A ransomware removal report also found that the impact caused by ransomware removal companies was mostly 10 times more costly than the ransom demanded by criminals. This was because businesses were losing an average amount of $46,800 to these companies as opposed to the payments to criminals which stood at $4300.
The scale of these problems was so widespread that stressed customers were calling ransomware removal companies at a high rate. This rate is also expected to increase at an alarming rate of 92% as these attacks are forecasted to increase in 2019.
The interim head EMEA of Datto had said that clean-up operations after a ransomware attack has covered is not ‘overtly covered’ in the contract with their clients. So when an attack does happen, the MSP tends to feel obliged to cover all the costs that will rectify the situation.
This is why Datto is now advising all MSP’s to prepare according to the stats and prepare for all inevitable scenarios as a plan for business continuity. These plans will be intended to minimize disruption with the help of ransomware removal while also protecting them against all the unforeseen and expensive costs of clean up.