No matter where you get your news, you’ll undoubtedly see or hear a daily headline involving yet another ransomware attack resulting in the theft of digital information and a large number of bitcoin attached to recovering it. Ransomware actors are relentless. And it doesn’t look likely to end anytime soon.
Through the first half of 2022, there have been 236.1 million attacks globally. That’s just in the first six months of the year. Factor that along with an attack happening at a rate of every 11-seconds, and you have data to support the commonly used expression, it’s not a matter of “if”, but “when” an attack will happen.
In fact, in the next decade, it is predicted that ransomware attacks will increase from every 11-seconds to every 2-seconds. If the increased frequency isn’t cause for alarm, the estimated cost of global ransomware damage in 2031 is expected to hit $265 billion. Let that sink in, $265 billion.
Be prepared, stay vigilant
If you’ve read any of our previous blog posts, participated in any of our past webinars, or spent any amount of time on our website, you’ve probably heard us talk about the importance of preparedness and remaining vigilant. The ever-present news coverage and media exposure of impactful ransomware attacks have left us dangerously “desensitized.” In turn, this has caused many to avoid taking necessary precautions and to do more to keep ransomware attacks at bay, and to help with recovery, in the event of an attack. Cyber-criminals show no prejudice when it comes to company size and/or industry verticals and are becoming increasingly clever in changing their tactics to leverage current conditions and compel quick action.
Ransomware preparedness should be a strategic level imperative with three key components:
- Understanding the state of ransomware preparedness across multiple industries and valuing board involvement.
According to the recently published 2022 State of Ransomware Preparedness Report, conducted by ActualTech Media, 65% of surveyed enterprise organizations lack full confidence in their legacy backup solutions. The report captures detailed data intended to help technology, financial and security leaders better prepare for and remediate ransomware attacks.
Additionally, 63% of those same enterprise organizations are increasing spending on detection, prevention, and recovery, and respondents are beginning to understand that air-gapped or immutable backups are the only ways to ensure that the backups themselves don’t fall prey to encryption worms when ransomware hits.
Our Founder and CEO Simon Taylor noted, “Given the multi-million-dollar costs associated with ransomware attacks, not to mention the negative impact to their brand and employee morale, companies can’t afford not to have a plan in place.”
Other key findings in the report include:
- About 52% of ransomware victims suffered data loss on some level.
- Almost 63% of victims suffered an operational disruption.
- Just 41% air gap their backups.
- Just 47% routinely test their backups.
- Only 35% of respondents believe their current backup and recovery tools are sufficient to meet the needs of their organizations.
- 77% of respondents’ boards are involved in active ransomware prevention and recovery discussions.
2. Choosing a provider with the right technology partner
As protecting data becomes more critical than ever before, rapid recovery and ensuring backup data is safe is as well. It’s often about the company you keep and is one significant reason why our strategic partnership with Wasabi Technologies to further combat the rise of ransomware attacks is important. With the power of immutable cloud storage with object lock built-in, Wasabi enables data to be impervious to unauthorized revisions or deletion. This translates to denying access to malicious actors that can now no longer hold the data for ransom. Combined with HYCU, customers can protect their applications and achieve rapid, application-centric recovery to avoid costly egress charges. It’s a powerful combination to help combat ransomware.
3. Ransomware is a reality. Stay current, stay Informed and most importantly, stay prepared
Compared to your peers, do you know how well your organization fares when it comes to preparing for a seemingly inevitable ransomware attack?
Do you have questions around making sure your company is best prepared for such an attack?
Making sure your company is protected can be a versatile and complicated task. You are probably questioning your preparedness and scratching your head, wondering if you’ve done enough. These are just a few of the many questions and thoughts you might be wrestling with when it comes to ransomware preparedness. As part of a recent special webinar event, Simon joined ActualTech Media’s Scott Lowe for a 1:1 discussion on “Understanding the Reality of Ransomware Preparedness”.
During the Q&A, both Simon and Scott shared their expertise to discuss the “sometimes-surprising” results that were discovered from the 2022 State of Ransomware Preparedness Report. They also answered questions from the audience to make sure your organization is as prepared as it can be to prevent and remediate potential ransomware attacks.
To learn more about how HYCU can help you be best prepared to combat ransomware and recover in the event of an inevitable attack, send us a note at info@hycu.com. Or, take advantage of our Free Trial at tryhycu.com.
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