According to the latter Veeam® 2024 Ransomware Trends ReportNo ransomware it remains a constant threat to business and represents the main cause of IT downtime and downtime: this happens because 41% of data is destroyed during a cyber attack. The report reveals that only 57% of compromised data is recovered, leaving companies vulnerable to significant data loss and negative business impact.
The third edition of the Veeam 2024 Ransomware Trends Report draws information from selected companies that experienced at least one successful cyberattack in the past 12 months. With 1,200 responses analyzed, including executives, cybersecurity experts and backup managers, the survey provides a comprehensive overview of the changing cyber threat landscape.
Impact on company employees
Cyber attacks affect the financial stability of companies, but just as important is the impact they have on organizations and individuals. After a cyber attack, 45% of respondents said increased pressure on IT and security teams. Additionally, 26% experienced a loss of productivity, while 25% experienced internal or service-related problems with customers.
The report shows that the human impact of cyber attacks must be considered. 45% of people surveyed said that they increase their work after an attack, while 40% said that stress levels increase and other challenges are difficult to reduce. These challenges, combined with existing organizational difficulties, highlight the importance of an effective cyber security strategy.
The company is not organized to prepare
Despite the increased focus on cyber preparedness, companies still face a mismatch between backup and cyber security. For the third year in a row, nearly two-thirds (63%) of respondents believe there is no coordination between backup and IT. Addressing the negative issues, 61% of security professionals and 75% of backup managers agree that organizations need “significant improvements” or that comprehensive systems are needed. enough.
Paying the ransom does not guarantee data recovery
In the third consecutive year, the majority (81%) of companies surveyed paid the ransom to end the attack and recover their data. One of the three companies that were paid did not receive their data not even after payment. Also, for the third consecutive year, there are other companies”they paid but couldn’t recover“compared to”they recovered without paying“.
Good financial impact
Contrary to the belief that having cyber insurance increases the likelihood of paying the ransom, Veeam’s research shows that it does not. Although only small businesses have a payment policy, 81% have chosen to do so. Interestingly, 65% paid through insurance while another 21%, despite having insurance, chose to pay without a document. This means that in 2023, 86% of businesses have insurance that can be used against cyber incidents.
The ransom paid represents only 32% of the overall financial impact after an attack. Additionally, cyber insurance does not cover all costs associated with an attack. Only 62% of the full impact can be recovered through insurance or other means, and everything else comes from the company’s budget.