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Research Finds Downtime Cost of Ransomware Hacks Increased by More Than 200%

November 8, 2019

Hikvision HikWire blog article ransomware hacks

Hikvision Tips to Prevent Hacks

 

Research finds the cost of ransomware hacks increased, according to Datto’s 2019 Global State of the Channel Ransomware Report, covered in the Security magazine article, “Cost of Ransomware Related Downtime Increased More Than 200 Percent.”

“MSPs (managed service providers) need to set the tone for their SMB customers when it comes to preparing for and responding to ransomware attacks. They need to protect themselves first by improving their organization’s cyber hygiene in order to keep their clients safe. MSPs must adopt 2FA (two-factor authentication) universally for any technology they use to service clients, as well as their own business. In a climate where cyberattacks have become an everyday occurrence, 2FA across all technology solutions is one of the most effective controls to reduce the likelihood of a successful attack,” said Datto CISO, Ryan Weeks, in the article.

Additional report findings include:

  • 85 percent of MSPs reported cyberattacks against SMBs during the last two years.
  • 89 percent of MSPs stated that SMBs should be concerns about the security threat of ransomware.
  • 64 percent experienced a loss of business productivity. Forty-five percent reported downtime with an average cost of $141,000.

For more tips to prevent cyberattacks, check out this Hikvision blog: “A Five Step Approach to Address Cybercrime, Prevent Hacks.”

IMPORTANT! This model requires non-standard firmware. Do Not Install standard firmware (e.g. v.4.1.xx) on this model. Doing so will permanently damage your system. You must use custom firmware v.4.1.25 from the iDS-9632NXI-I8/16S product page.

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