The average ransomware payment demanded of SMEs by cyber criminals is increasing, and now averages €2,300 (£2,000) and downtime related to such attacks is increasing by 300% in Europe, year-on-year, higher than the global average of 200%.
According to latest European State of the Channel Ransomware Report from cloud-based solutions provider Datto, the associated system downtime from ransomware hits small organisations even harder and cost European businesses around €124,033 (£107,956) on average that’s 53 times more than the average ransom requested in 2019, and higher than the global average of 23 times, the report states.
Fifty-four percent of Managed Service Providers (MSPs) polled by the report that their clients suffered a loss of business productivity after a ransomware attack, followed by 34% that suffered business-threatening downtime. Victims cited lost data and/or devices and decreasing client profitability (both 33%), and malicious infections that spread to other devices on their networks (32%).
Forty-seven percent of MSPs reported that Europe’s professional services industry is the ‘most affected’ by ransomware attacks, followed by its construction and manufacturing industries (35%), retail sector (25%), and non-profit organisations (22%). The telecommunications and energy/utilities sectors appear to be the least affected, with only 3% and 1% of MSPs reporting attacks in these industries.