Cyberattacks are a growing threat, and ransomware is a major player. Here’s a look at the current landscape, based on data from the Veeam Insights Ransomware 2024 Trends report:
- High Attack Rates: 75% of organizations experience attacks, often targeting backup repositories (96%). This can significantly disrupt operations.
- Beyond Ransom Costs: While the ransom itself is a concern (average 32%), the true impact includes reputational damage, lost productivity, and IT strain.
- Cyber Insurance in Flux: Cyber insurance can be helpful, but costs are rising (73% premium increase) and coverage is changing (deductible increases and potential coverage reductions).
- Paying the Ransom: A Gamble: While some consider paying (47%), data recovery isn’t guaranteed (33% data loss). Additionally, rushing recovery can lead to reinfection (63% restore without proper scanning).
How to Protect Your Business:
- Unbreakable Backups: Utilize immutable cloud storage (85%) and secure local storage (75%). Implement physical separation with tape backups (47% of organizations do this) and cloud replication (57%).
- Aligned Security: Ensure strong integration between backup and security tools for a comprehensive defense (63% of organizations see a need for improvement here).
- Recovery Readiness: Develop a comprehensive ransomware recovery plan that prioritizes clean, reliable backups and secure restoration procedures. Create a test plan and run regularly.
By taking these steps, you can significantly strengthen your defenses and minimize the impact of a potential attack. Don’t wait until it’s too late.
Download the full Veeam Ransomware Trends report here.
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