Ransomware, Disaster Recovery and Business Continuity - Is Your Business Prepared?

Ransomware, Disaster Recovery and Business Continuity – Is Your Business Prepared? 

Small and Medium Businesses (SMBs) are the lowest hanging fruit for hackers who don’t care about the size of your business, they care about the payout. They rely on SMBs having subpar security, making your business their favourite target. Most SMBs don’t have the manpower to combat cyber security risks in house, so what is the most effective way to protect yourself from this growing threat? The answer is managed IT services such as those offered by Datto, a North American company with offices worldwide who provide SMBs with enterprise level technology; Business Continuity (BC) and Disaster Recovery (DR) to shield against imminent cyberattacks, data breaches and disasters.  

It’s not “if” but “when” – no one is immune to the threat of ransomware. Why? It’s profitable and it works. Moreover, a U.N study stated only 10 percent of SMB cybercrimes result in conviction meaning small risk / big reward which draws more and more cybercriminals to approach ransomware as a profession rather than a hobby. The data is clear: 

  • According to a report done by Beazley Breach Response Services, 71 percent of ransomware attacks in 2018 targeted small businesses 
  • Data collected from over 2,400 SMBs surveyed showed the cost of business downtime is 10X greater than the cost of the ransom requested. Managed Service Providers report the average requested ransom for SMBs is ~$5,700 while the average cost of downtime related to a ransomware attack is ~$61,650 
  • A study done by Ponemon Institute found that a cyberattack or data breach is costing SMBs an average of $286 per stolen record 
  • In comparison to other solutions, the most effective means of avoiding downtime caused by ransomware is business continuity and disaster recovery solution (BCDR). Specifically, roughly 90% report that victimized clients with Datto BCDR in place fully recovered from the attack in 24 hours, or less! 
Disaster recovery is more than just backup. It is the ability to get your business up and running again after an interruption. A robust DR solution includes multiple systems, such as offsite data centres, physical and virtual servers, cloud-based backup, and alternative work locations. Follow a simple 3,2,1 backup strategy, have at least 3 copies of your data, 2 different media formats and store at least one copy off site. All of these combined create a fail-safe redundancy. More than rudimentary backup, recovery is about the ability to resume critical operations. Working with a disaster recovery partner who preforms regular backups is the key to peace of mind that will allow you to focus on what’s important, growing your business 

Business continuity planning ensures that over the longer term, your company will recover and survive. While DR focuses on hardware and operations, BC dials in on management systems, educating employees, strategic choices, leadership and a holistic survival strategy. An impact analysis helps you to understand the risks that are unique to your company or industry and highlights the best ways to prepare for them.  

Disasters come in many forms and mother nature is historically the most prominent and consistent of them all. Consider wildfires in the west and southeast, hurricanes like the most recent Dorian sweeping up in the east and Gulf Coast or flooding and tornadoes. Even mundane events like power outages, computer viruses, and human error pose a serious and costly risk. In fact, employee education on the risks of email phishing scams and ransomware embedded in emails is one of the most important first steps an SMB can make. Disasters always have and will continue to happen to anyone, anywhere. The question remains whether or not you are prepared for when they do. As a Datto Professional Partner, JBM Office Systems is equipped to help your business survive a cyber-attack


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