Key Takeaways from Veeam’s 2024 Ransomware Trends Report

It’s that time of year again that Veeam Software releases their highly anticipated Ransomware Trends Report! The 2024 survey features data from 1200 CISOs, security professionals, and backup administrators, who’s organizations suffered at lease one ransomware attack in 2023. It’s packed with insights that are crucial for anyone looking to bolster their organization’s cyber defenses. Let’s dive into the most compelling takeaways from this year’s report.

The Escalating Threat of Ransomware

Ransomware attacks continue to wreak havoc, with 75% of organizations experiencing at least one cyberattack in 2023. Alarmingly, most of these organizations reported multiple incidents. This underlines the persistent and escalating threat ransomware poses to business continuity and data integrity.

Cybercriminals are Targeting Backup Repositories

One of the most striking findings is that backup repositories are increasingly under attack. In 96% of ransomware incidents, attackers targeted backup systems, and in 76% of these cases, they succeeded in compromising them. This highlights the critical need for robust backup security measures.

Financial and Operational Impact

The financial implications of ransomware go far beyond ransom payments. Only 11% of organizations cited the ransom as the primary financial burden after an attack. The larger costs stem from business interruption, damage to brand reputation, loss of productivity, and increased insurance premiums. Additionally, these attacks lead to significant stress and increased workloads for IT teams.

Ransomware Resilience Strategies

Organizations are becoming more strategic about their recovery plans. The report shows that 75% of organizations plan to recover to cloud-hosted infrastructure, while 86% include leveraging physical infrastructure. This dual approach ensures flexibility and enhances resilience against ransomware attacks.

Importance of Immutable Backups

Immutability is a key defense strategy, with many organizations adopting the 3-2-1 rule (three copies of data, on two different media, with one off-site). The report found that 85% of respondents use cloud storage that can be made immutable, and 47% still rely on tape for some of their backup needs. This underscores the importance of having backup data that cannot be altered or deleted by attackers.

Collaboration Between IT and Security Teams

A major takeaway is the need for better collaboration between IT and security teams. The report reveals that the lack of coordination can lead to significant risks, including the reinfection of systems from backups. Cross-functional committees that include IT, security, legal, and business representatives can ensure a comprehensive and cohesive approach to data protection and disaster recovery.

Cyber Insurance Dynamics

While cyber insurance can help mitigate some financial risks, it is not a cure-all. The report notes that 73% of organizations saw an increase in premiums, 44% had higher deductibles, and 14% experienced reduced coverage. Therefore, relying solely on insurance without robust cybersecurity measures is not advisable.

Human Impact

Lastly, the human element cannot be overlooked. Ransomware attacks significantly affect IT staff, leading to increased stress, workload, and burnout. Addressing these human factors is crucial for maintaining a resilient and effective cybersecurity posture.

The 2024 Ransomware Trends Report should serve as motivation for all IT and security professionals. It’s not just about having the right tools but ensuring that your organization is strategically aligned to defend against and recover from ransomware attacks. Implementing comprehensive security measures, ensuring backup immutability, and fostering cross-functional collaboration are vital steps towards achieving cyber resilience.

How Can We Help?

In the battle against ransomware, having a reliable partner like HostedBizz can make all the difference. HostedBizz offers comprehensive and secure backup solutions, including immutable backups and Disaster Recovery as a Service (DRaaS), ensuring your data is safe and recoverable. Our advanced security services, which include continuous monitoring and threat detection, bolster your organization’s defenses. By partnering with HostedBizz, you can enhance your cyber resilience and ensure business continuity, giving you peace of mind in an increasingly challenging cybersecurity landscape.

Download the Veeam 2024 Ransomware Report