Ransomware affected three in four businesses in 2023, posing a serious cybersecurity problem. According to the Veeam 2024 Ransomware Trends Report, only 57 per cent of compromised data is restored, leaving 43 per cent irrecoverable.
These attacks cause system failures and downtime, having a significant impact on businesses. The pressure on IT and security teams is mounting, with 45 per cent of professionals reporting increased stress and 26 per cent a loss of productivity. Despite the need for an effective cyber defence strategy, 63 per cent of companies regret the lack of coordination between backup and cyber risk teams.
A majority of 81 per cent of businesses paid ransoms, but a third did not recover their data after payment. Cyber insurance, taken out by 86 per cent of companies, covers only 62 per cent of the costs associated with attacks. Data stored in the cloud is just as vulnerable as on-premises data, highlighting the need to improve IT infrastructure to prevent cyberattacks.
Credit: IT Social