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Cost of downtime for SMBs skyrockets

(Image credit: Pixabay)

According to a new report from Datto, the cost of downtime caused by ransomware infections has “skyrocketed”.

The report suggests downtime increased by 300 percent year-on-year in Europe, which is significantly higher than the global average (200 percent).

With increased downtime comes increased costs, which is particularly problematic for small businesses. European SMBs shelled out roughly $139,387 as a result of ransomware downtime, 53 times the average ransom request in 2019 and also far higher than the global average.

The average ransom requested of SMEs by hackers is also increasing, currently sitting at roughly $2,500.

According to the report, more than half of MSPs (54 percent) said their clients’ productivity was hurt by ransomware. One third (34 percent) said they suffered “business-threatening downtime”, and witnessed decreasing client profitability and further spread of the infection.

The report claims the professional services industry is most affected by ransomware, followed by construction and manufacturing, retail and non-profit. At the other end of the spectrum are telecom and energy/utility firms, with only a small proportion of MSPs reporting attacks.

The full report can be found here.