Many small to medium-sized organizations (SMBs) of 1000 users or less believe that they're less likely to be at risk of a ransomware attack, assuming that bigger businesses are seen as more lucrative targets. However, industry statistics estimate that 50 to 70 percent of ransomware attacks are aimed at small and medium-sized companies.
So what’s the impact of these attacks? According to Gartner, the average cost of downtime for a SMB after an attack is $5,600 per minute and it takes 287 days to recover from the average ransomware incident according to HIPAAtrek.
In short, it’s not a matter of if you will get hit by a ransomware attack, but rather when and even more critically, what measures you have in place to restore your systems fast.
And ransomware isn’t the only challenge facing SMBs without the right back up in place. Malicious or accidental data deletion can have similarly devastating consequences. Many SMBs assume that if they have Microsoft 365, their systems are backed up. They’re wrong.