Over 90 percent of organizations set to increase data protection spending

The latest Data Protection Trends report from Veeam Software shows 92 percent of organizations will increase their 2024 data protection spend, to achieve cyber resilience amid continued threats of ransomware and cyber-attacks.

However, while companies say they will spend more trying to fend off cyberattacks, the report finds IT leaders are feeling even less protected and more concerned about their ability to recover and restore mission-critical data.

Cyberattacks remain the top cause of outages and while organizations are putting more emphasis on utilizing the cloud for major recoveries, only a small percentage believe they'd be able to recover from even a small crisis in under a week.

"Ransomware continues to be the biggest threat to business continuity," says Dave Russell, VP of enterprise strategy at Veeam. "It's the number one cause of outages today, and protecting against it is hampering digital transformation efforts. Furthermore, although companies are increasing their spend on protection, less than a third of companies believe they can recover quickly from a small attack. The findings in this year's Veeam Data Protection Trends Report highlight the need for continued cyber vigilance, and the importance of every organization to ensure they have the right protection and recovery capabilities. It's why Veeam's mission in 2024 is to keep businesses running."

Among other findings container usage continues to rise, with 59 percent of enterprises running them in production, and another 37 percent either rolling them out or planning to. Unfortunately, only 25 percent of organizations use a backup solution that is purpose-built for containers, while the rest of organizations back up only some of the underlying components.

The full report is available from the Veeam site.

Photo Credit: enciktepstudio/Shutterstock