Ransomware victims unable to recover over 40 percent of affected data

Ransomware remains an ongoing threat for organizations and is the largest single cause of IT outages and downtime as 41 percent of data is compromised during a cyberattack, according to the latest Veeam 2024 Ransomware Trends Report.

The report, based on 1,200 responses from organizations that have faced a security incident, reveals that only 57 percent of the compromised data is usually recovered, leaving organizations vulnerable to substantial data loss and negative business impacts as a result.

"Ransomware is endemic, impacting three out of four organizations in 2023. AI is now enabling the creation of smarter, more advanced security, but it's also facilitating growth in the volume of sophistication of attacks," says Dave Russell, senior vice president, head of Ssrategy at Veeam. "Our report delivers a clear message: ransomware attacks will continue, be more severe than predicted, and the overall impact will cost organizations more than they expect. Organizations must take action to ensure cyber resiliency and acknowledge that rapid, clean recovery matters most. By aligning teams and bolstering cybersecurity with immutable backups, they can protect their valuable business data while Veeam keeps their business running and secure."

Cyberattacks naturally affect an organization's financial stability, but just as significant is the toll it has on teams and individuals. When a cyberattack strikes, 45 percent of respondents report heightened pressure on IT and security teams. In addition, 26 percent have experienced a loss of productivity, while 25 percent encountered disruptions to internal or customer-related services.

The report shows that the human impact of cyberattacks can't be overstated. 45 percent of surveyed individuals cite increased workload post-attack, while 40 percent report heightened stress levels and other personal challenges that are difficult to mitigate on 'normal' days.

Paying the ransom is no guarantee of recovery either. 81 percent of organizations surveyed paid the ransom to end an attack and recover data. One in three of these organizations still could not recover even after paying. And also for the third year in a row, more organizations 'paid, but could not recover' than those organizations that 'recovered without paying.'

It also finds that despite increased focus on cyber-preparedness, organizations still face a misalignment between their backup and cyber teams. For the third consecutive year, close to two-thirds (63 percent) of organizations find their backup and cyber teams lacking synchronization. Adding to the misalignment challenges, 61 percent of security professionals and 75 percent of backup admins believe that the teams need either ‘significant improvement’ or that a complete system overhaul is required.

You can get the full report from the Veeam site.

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