According to a 2020 Ransomware Resiliency Report by NinjaRMM, managed service providers (MSPs) lose far more clients following a ransomware attack than they anticipate. The primary answer is downtime. Second, an increasing number of cybercriminals are utilizing ransomware to extract money out of victims. In addition to SMBs and enterprises, municipalities, healthcare providers, and schools were extensively targeted in 2019, specifically due to their reputation for having outdated/vulnerable systems, a low tolerance for downtime, and a demonstrated willingness to pay ransoms. (, The Ryuk ransomware is also primarily being used to target large companies and organizations with an average of 254 employees. So what can we expect in 2020 and beyond? As for readiness for ransomware and other cyber threats, a recent survey of IT professionals found that those working in the healthcare industry were most likely to report a lack of preparedness for an attack. Daily cybersecurity news articles on the latest breaches, hackers, exploits and cyber threats. Nevertheless, as more reports roll in, it’s clear that ransomware is now the preferred medium of choice for cybercriminals. The company’s lack of cyber insurance highlights the fact that many individuals and even large, multinational businesses have yet to fully grasp the threat. (, Symantec also found enterprises accounted for 81 percent of all ransomware attacks in 2018. 2020 has rolled in, and so has a new bout of ransomware. Regis University in Denver, Colorado, had its entire phone and internet services shut down after a late August cyber attack. Learn and educate yourself with malware analysis, cybercrime Of course, the most effective tool against any type of malicious software is an up-to-date antivirus. At the center of ransomware's evolution in 2019 was a major shift away from high-volume, low-return campaigns (think mass spam and exploit kit campaigns) in favor of low-volume, high-return attacks specifically targeting businesses and organizations that a) have the funds/insurance coverage necessary to pay large ransom demands; and b) are especially sensitive to downtime (and therefore more likely to pay). All rights reserved. For example, the City of Atlanta was shut down for 5 days after an attack blacked out nearly 8,000 computers. An especially concerning trend for those of us in the MSP space is the spike in attacks specifically targeting managed services providers. Lack of training in basic cybersecurity practices, such as reusing weak passwords, lack of proper access management, and poor user awareness as a whole are the causes of ransomware infection. (, Ransomware downtime costs organizations more than $64,000 on average. As 2020 continues to progress, we’re likely to see reports from major players indicating that year-over-year growth in virus-related ransom threats is increasing at an incredible pace. The biggest news-maker for 2019, in fact, is the Baltimore City government. Eighty-five percent of managed service providers (MSPs) say the Windows OS is targeted most frequently by ransomware attacks. How does this happen? (, The FBI suggests ransom payments are totaling around $1 billion. Being ever-evolving as an attack tool, even the simplest form of ransomware can cost significant time and money, but more severe attacks can deal a crippling blow and even destroy a company completely, sparing no one — not even large, prominent organizations. A study involving several multiple service providers found that Dropbox, Office 365, G Suite, Box, and Salesforce have experienced ransomware attacks in some form.
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