Insights from the Ransomware Trends Report 2024
At CiContinuity, we have over two decades 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:
– 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:
– Only 75% of the affected entities employ hardened disks on-premises.
– A mere 85% have adopted immutable cloud storage solutions.
– 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.
CiContinuity’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 dedicated to providing highly secure backup solutions, which they firmly believe represent the most effective defence against the increasing threats posed by ransomware. By prioritising minimal downtime and minimising the risk of data loss, Veeam offers a wide range of recovery options tailored to different needs. Their versatile data format is designed to support recovery efforts across a variety of platforms, which include not only physical and virtual environments but also numerous cloud configurations.
Additionally, Veeam employs a layered approach when it comes to ransomware defence, ensuring that there is a reliance on multiple solutions which work together to provide effective protection as well as efficient recovery options for all users.
This impressive backup capability is further enhanced by CiContinuity’s engineering team, which boasts a century of combined experience specifically in the fields of Business Continuity and Disaster Recovery. This means that your data will not only be backed up using technology that is recognised as the best in its class but is also supported by a team of highly trained professionals who are ready to assist you during critical situations when you need help the most.
Together, Veeam and CiContinuity ensure that your data is protected with both advanced technology and exceptional human expertise.
CiContinuity:
Your Premier Veeam Cloud Service Provider
CiContinuity is a trusted Veeam Cloud Service Provider (VCSP) with over 20 years of specialist experience in Business Continuity and Disaster Recovery. As a Veeam Gold Partner for more than a decade, we combine proven expertise with industry-leading technology to deliver robust, secure, and cost-effective backup and recovery solutions.
In partnership with Veeam—a global leader in data protection—we provide comprehensive backup services across virtual, physical, and multi-cloud environments. Our solutions cover everything from licensing and design to implementation and ongoing management.
Whether you’re looking for a secure primary backup target or a resilient off-site replication point, our CiCloud infrastructure supports air-gapped, immutable data storage to ensure fast and reliable recovery. If you already use Veeam, CiContinuity serves as a seamless second or third target, fully integrated and ready to support your compliance, resilience, and recovery goals.
Contact us today to learn more about how we can elevate
your data protection strategy to the next level.
Key Takeaways
– Ransomware attacks are a significant threat. Preparedness is essential for organisations.
– 54% of organisations regain data after paying ransom payments, but 27% do not recover anything.
– Implementing robust data recovery and ransomware recovery strategies is crucial for effective data protection.
– Consider Veeam ransomware protection solutions to enhance your cybersecurity posture.
– Immutable storage is essential for ransomware prevention and effective data recovery, yet many organisations have not fully adopted it.
– Adopt the 3-2-1-1-0 Backup Rule to ensure reliable ransomware protection and recovery.
– Understand the broader economic impact of ransomware, including reputational damage and rising insurance premiums.
– Stay updated on ransomware trends to anticipate potential threats and improve your organisation’s resilience.