Madison Strategic Sector Premium Fund : Datto to Serve on The Institute for Security and Technology’s Multi-Sector Ransomware Task Force

You can hardly go a week without seeing news articles covering another high profile ransomware attack, or a research report whose data and expert analysis concludes that ransomware continues to grow in prevalence and impact to organizations of all sizes. In fact, according to MSSP Alert, just recently the FBI reported that complaints to the Internet Crime Complaint Center (IC3) have increased by more than 400% during the pandemic. Adding to this, Reuters also covered a report from Lloyd's of London Insurer Beazley plc finds that ransom payments doubled year-on-year through the first six months of 2020 confirming that attacks are not only more frequent but increasingly more expensive.

While there are threat sharing communities collaborating and large tech companies working diligently to incapacitate attacker infrastructure, we're still losing ground. A core facet of the problem is that managing the cybercrime and ransomware problem for businesses has largely fallen to the in-house IT teams and/or Managed Service Providers (MSPs). It's become painfully clear that placing this burden squarely on the shoulders of these individuals, who may not have the commercial means or expertise to combat this threat, is not helping us to collectively hold our ground, let alone make forward progress. It's clear that there has to be real, positive, and substantial change.

Where we need to start is with a coordinated effort undertaken by a global alliance of experts, with a 360-degree view of the ransomware problem, to work cooperatively toward a common objective of creating innovative approaches that systematically disincentivize and reduce the prevalence of such attacks globally. The Institute for Security and Technology, whose mission is to solve emerging security threats by creating a bridge between technology and policy leaders, has taken that first step by forming a first-of-its-kind Ransomware Task Force (RTF). The task force is made up of some of the brightest minds in the world from policy experts, law enforcement, nonprofits, cyber insurance, technology providers, and international organizations.

With excitement, determination, and humility, Datto has accepted an invitation to join the Ransomware Task Force as a founding member. In this role, Datto will support the core objectives of the RTF while also representing the MSP community by focusing on the interests and needs of small and mid-sized businesses (SMBs). We will also maintain our commitment to collaborate openly with others in the MSP community and will work with fellow cyber crime fighters across the entire IT channel to have their needs, guidance and expertise heard and included.

Datto's 2020 Global Ransomware Report found that ransomware remains the most common cyber threat to SMBs, with 60% of MSPs reporting their SMB clients were hit as of Q3 2020. We all know that MSPs are on the frontlines of cyber attacks, protecting both their own infrastructures and the IT systems of the SMB customers they serve from a daily barrage of evolving threats. We have been right there with you on the frontlines responding, acting as a changemaker, and staying focused on security and our commitment to make cyber resilience more accessible to MSPs.

We will carry forward that same sense of duty in our efforts with the Ransomware Task Force with a singular goal of more effectively combating ransomware globally in the interests of all organizations large and small. Be certain that as the efforts of the Task Force launch and progress we will keep you informed.

Be well and stay safe,

Ryan Weeks