How prepared are organizations to tackle ransomware attacks?

HYCU has announced its State of Ransomware Preparedness report in partnership with ActualTech Media, which reveals that ransomware is an unavoidable risk for businesses, which is why ransomware preparedness is a top priority.

The report captures detailed data intended to help technology, financial and security leaders better prepare for and remediate ransomware attacks, which occur on average every 11 seconds and have risen to more than 236.1 million in the first half of 2022.

“Survey respondents were clear that many of their backup and recovery tools were insufficient to address the ever-present threat from ransomware attacks. This data shows it’s time for a new generation of backup solutions especially when you look at both on-prem and cloud-native needs,” said HYCU CEO Simon Taylor.

“This report helps the industry better understand how organizations and peers are preparing for ransomware attacks, providing clear guidance to IT, security and financial leaders to protect and recover their valuable data assets.”

According to the report, 63% of surveyed 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.

“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,” said Taylor.

Why ransomware preparedness is top priority

• 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.

“As organizations continue to grapple with the on going scourge of ransomware, it’s important to stay ahead of the criminals bent on extorting organizations around the world,” said Scott Lowe, CEO and Lead Industry Analyst.

“Discovering the key characteristics and activities of peer organizations is a critical component to informing a comprehensive preparedness strategy.”