PRESS RELEASE. SAN JOSE, Calif. - January 30, 2024 - Research commissioned by Cohesity, a leader in AI-powered data security and management, reveals today's pervasive cyberattacks are forcing the majority of companies to pay ransoms and break their 'do not pay' policies, with data recovery deficiencies compounding the problem.
The cyber threat landscape is expected to get even worse in 2024, with 96% of respondents saying the threat of cyberattacks to their industry will increase this year and over 7 in 10 predicting it will increase by more than 50%. Organizations' attack surfaces are informed by the size and scope of their data environments.
78% of respondents said their data security risk has now increased faster than the growth in the data they manage.
Respondents also believe organizations' cyber resilience and data security strategies are not keeping up with the current threat landscape, with just 21% having full confidence in their company's cyber resilience strategy and its ability to 'address today's escalating cyber challenges and threats'.
It defines companies' ability to recover their data and restore business processes when they suffer a cyberattack or adverse IT event.
All respondents said they need over 24 hours to recover data and restore business processes.
Just 7% said their company could recover data and restore business processes within 1-3 days.
Alarmingly, almost 1 in 4 need over 3 weeks to recover data and restore business processes.
Further demonstrating cyber resilience gaps, just 12% said their company had stress-tested their data security, data management, and data recovery processes or solutions in the six months prior to being surveyed, and 46% had not tested their processes or solutions in over 12 months.
Unsurprisingly, 94% of respondents said their company would pay a ransom to recover data and restore business processes, while 5% said 'maybe, depending on the ransom amount.
' More than 2 in 3 said their company would be willing to pay over $3 million to recover data and restore business processes, with 35% of respondents saying their company would be willing to pay over $5 million.
Respondents identified executive awareness and responsibility for data security as two areas for companies to improve, with just 35% saying their senior and executive management fully understands the 'serious risks and daily challenges of protecting, securing, managing, backing up, and recovering data.
' Four in five said executive management and boards should share the responsibility for their company's data security strategy, while 67% said their company's CIO and CISO, in particular, could be better aligned.
Prioritizing their biggest concerns about a successful data breach or cyberattack, respondents selected brand and reputational damage, a drop in share price / investment / profitability, a direct hit to revenue, and a loss of stakeholder trust.
When asked who is most impacted by a data breach or cyberattack, respondents said existing customers, the Security team, the IT team, employees, and their third-party partners were most impacted.
Despite governments and public institutions going to great lengths to encourage stronger cybersecurity and data management, only 46% of respondents said government initiatives, legislation, and regulations are actually driving their companies' data security, data management, or data recovery initiatives.
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This Cyber News was published on www.darkreading.com. Publication date: Tue, 30 Jan 2024 22:00:05 +0000