One in four Software as a Service (Saas) solutions was attacked by ransomware in 2020 according to a new report from Datto.
The survey of over 1,000 Managed Service Providers, found that 25 percent of SaaS applications have been targeted with ransomware, with close to two thirds (64%) of attacks aimed at Microsoft 365 solutions.
The report also found that Dropbox (54%) and Google Workspace (25%) were also heavily targeted and SME security budgets have increased by as much as 50% as the cost of downtime grows to be up to 50 times more expensive than ransoms.
As a result of the pandemic, the move to remote working and the accelerated adoption of cloud applications have increased security risks for businesses. More than half (59%) of MSPs said remote work due to COVID-19 resulted in increased ransomware attacks, and 52% of MSPs reported that shifting client workloads to the cloud increased security vulnerabilities.
“The COVID-19 pandemic has accelerated the need for stronger security measures as remote working and cloud applications increase in prevalence,” said Ryan Weeks, Chief Information Security Officer at Datto. “Reducing the risk of cyberattacks requires a multi-layered approach rather than a single product – awareness, education, expertise, and purpose-built solutions all play a key role.”
MSPs at risk
The report also found that 95 percent of Managed Service Providers feel their businesses are more at risk of a cyber attack than their partners with 46 percent of MSPs seeking the help of Managed Security Service Providers (MSSP) in order to shore up their businesses.
“As an MSP that specialises in protecting SME clients from breaches such as ransomware, we continually monitor the frequency, type and severity of attacks,” said Barry O’Donnell, Operations Director at TSG.
“When a client encounters an attack, we rely on technology and creative IT solutions to lessen the aftermath of breaches”
“Partly resulting from the pandemic and the need to shift workloads to the cloud, we’ve seen an increase in the number of ransomware attacks and requested ransom. The growing sophistication and frequency of these attacks has resulted in additional counter measures such as IT security assistance from MSSPs, as well as a growing number of clients that are increasing their IT security budgets.”
