MSPs put aside dedicated funds for ransomware payments

According to a new report 45 percent of MSPs admit to having a dedicated pool of money set aside for ransomware payments. This is despite increasing pressure from insurers and global governments to avoid paying ransoms to stop fueling criminal enterprises and encourage proactive resilience. The findings, from cyber risk specialist CyberSmart, also show that 36 percent opt to protect themselves with cyber insurance instead. Worryingly though, 11 percent of MSPs say they have no dedicated budget for ransomware payments or cyber insurance, in many cases leaving them without a contingency plan. Despite many budgeting for ransomware-related incidents, MSP leaders… [Continue Reading]