Insights from the Ransomware Trends Report 2024
At ADAM Continuity, we have over a decade of experience helping our customers safeguard against Ransomware, which remains the primary concern during discussions about data backup. We advocate adopting a mindset of “when not if” regarding ransomware threats. This approach is supported by our partnership with Veeam, a leading provider of cloud data management solutions.
Every year, Veeam sponsors independent studies to gather insights from IT executives about various aspects of data security. The most recent study involved 1,200 IT professionals, including CISOs, security experts, and backup managers, all of whom experienced at least one ransomware attack in 2023. This survey aims to collect a wide range of perspectives to enhance strategies against ransomware.
Download the report to discover:
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- The extent and effects of cyberattacks across 1,200 organisations.
- How crucial organisational cohesion is in both preparing for and responding to these threats.
- Essential technologies needed to enhance cyberattack recovery processes.
The Economic Impact of Ransom Payments
Of the surveyed organisations, 54% regained their data after paying the ransom, while 27% paid without data recovery. 11% managed to restore their data without making any payments, and 4% were never targeted for a ransom.
These figures reveal a sobering truth: about one-quarter of the organisations that paid the ransom failed to retrieve their data, highlighting the critical need for robust data protection plans that extend beyond paying ransoms.
Interestingly, 89% of these organisations reported that the ransom payment was not the most significant financial burden. It’s vital to consider the wider effects of a ransomware attack, such as reputational damage, productivity losses, rising insurance premiums, and overall financial repercussions. Effective security measures across all operational areas are crucial to mitigate these multifaceted risks.
The Importance of Immutable Storage in Data Recovery
The report stresses the importance of establishing a data recovery strategy that avoids ransom payments. For 2024, the necessity for organisations to implement immutable storage solutions both on-site and in the cloud is clearer than ever. Yet, there are considerable gaps:
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- Only 75% of the affected entities employ hardened disks on-premises.
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- A mere 85% have adopted immutable cloud storage solutions.
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- Just half of the total backup storage utilised is immutable.
The report encourages the adoption of the 3-2-1-1-0 Backup Rule and emphasises the need for a broader implementation of immutable storage options.
ADAM Continuity’s Backup as a Service (BaaS) solution, powered by Veeam, enables you to effortlessly implement the 3-2-1-1-0 backup policy. This service not only simplifies your data protection strategy but also ensures the sovereignty of your data.
Veeam’s Multi-Layered Approach
Our partner Veeam is committed to providing secure backup solutions, which they believe is the foremost defence against ransomware threats. By ensuring minimal downtime and data loss, Veeam delivers a range of recovery options and a versatile data format that supports recovery efforts across different platforms—from physical and virtual environments to various cloud configurations. Veeam’s layered approach to ransomware defence ensures reliance on a variety of solutions for effective protection and recovery.
This backup capability, combined with ADAM Continuity’s engineering team’s century-long expertise in Business Continuity and Disaster Recovery, ensures that your data is not only backed up using best-in-class technology but also supported by top-tier professionals when you need it most.
ADAM Continuity: Your Premier Veeam Cloud Service Provider
ADAM Continuity, a premier Veeam Cloud Service Provider for over a decade, brings over 30 years of specialised experience in Business Continuity and Disaster Recovery. With our expertise and Veeam’s cutting-edge solutions, you can be confident that your data is in safe hands and can be recovered efficiently whenever needed.
Contact us today to learn more about how we can elevate your data protection strategy to the next level.
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