Veeam Ransomware Trends Report Overview – Impacts of Ransomware

Veeam Ransomware and Data Protection Trends Report 2023 (What we learned)

We’ve said it before, and we’ll say it again: cyber-attacks are on the rise. Recently, Veeam released its 2023 Ransomware Trends Report and 2023 Data Protection Trends Report, revealing some staggering results. These reports surveyed 5400 unbiased organizations from multiple countries, aiming to gather data on protection trends, the impacts of ransomware, and IT strategies and data protection initiatives needed to navigate this ever-changing landscape. In this blog, we will explore key findings and implications of these reports, shedding light on the growing needs of organizations to maintain a robust cybersecurity posture.

According to Veeam’s surveys, a concerning 85% of organizations experienced at least one cyber-attack in the previous 12 months. This represents a 9% increase from the previous year’s figure of 76%. While 87% of organizations have a risk management program driving their security strategy, only 35% of them believe the program is effective.

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The Face of Cybersecurity Insurance is About to Change

Now, what happens when organizations fall victim to a ransom attack? Until recently, it has been relatively easy to obtain insurance coverage that includes cybersecurity protection. In fact, 77% of attacked organizations opted to pay the ransom demand through their ransomware insurance. However, acquiring this type of coverage is becoming harder and more expensive. It’s comparable to homes unable to secure flood insurance due to the increasing frequency of storms in their region. As cyber attacks continue to impact more organizations, almost a quarter of them report that ransomware is now specifically excluded from their policies. Only 8% of organizations have experienced no changes in their coverage or premiums related to cybersecurity. The rest have witnessed reduced coverage, increased premiums, or even policy cancellations.

Protect your Backup Repositories

When asked about their recovery from cyber attacks, the ideal response would be, “We did not have to pay the ransom because we were able to restore our data.” Unfortunately, this is far from the norm, as only 16% of organizations can give this answer. Instead, 80% of victims end up paying the ransom, but only three-quarters of them successfully recover their data. The progressive abilities of cybercriminals to target backup repositories contribute to these challenges, with a staggering 93% of attackers focusing on the backups. Alarmingly, 75% of these cyber villains manage to compromise the backup repositories. On average, a ransomware attack affects 45% of an organization’s production data.

Cyber Attack Recovery

Another significant risk of ransomware attacks is the inevitable downtime they cause. After triage has been completed, it takes an average of at least three weeks to recover from an attack. Before beginning the recovery process, organizations must identify infected servers and ensure that backups are not compromised. Rushing through these initial steps may reintroduce malware to systems. Only after addressing these areas can an organization commence the recovery process, which itself takes an average of three or more weeks.

Protecting Yourself

So, how does Veeam recommend protecting ourselves from these vicious attacks? Considering the statistics, the likelihood of being a cyber attack victim has become more probable than possible. To safeguard your organization from the potentially catastrophic consequences of an attack, it’s crucial to utilize immutable storage and air gaps within your cybersecurity plan. These measures ensure that backup repositories are not susceptible to manipulation by cybercriminals. Additionally, organizations should stage restorations after an attack to prevent re-infection during the recovery process. Utilizing cloud-based services has also become paramount, enabling organizations to develop cloud tiers for retention, Backup as a Service (BaaS), and ultimately Disaster Recovery as a Service (DRaaS). As 55% of organizations prioritize improving the reliability and success of their backups to meet recovery objectives, we are here to assist you.

In conclusion, the rise of cyber-attacks necessitates a proactive approach to cybersecurity. By understanding the trends and implications highlighted in Veeam’s reports, organizations can strengthen their defenses and better protect themselves from the ever-evolving threat landscape.

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