In the high-stakes world of cybersecurity, the line between survival and devastation is razor-thin. Veeam's 2024 Ransomware Trends Report exposes the ruthless reality of ransomware, revealing the dire need for unyielding cyber resilience. With 1,200 respondents, including CISOs, security experts, and backup warriors, this report is a clarion call for action.

The Relentless Onslaught of Ransomware

Ransomware is no longer just a menace; it is an all-consuming beast that spares no one. The report reveals a chilling statistic: "75% of organizations get hit by cyberattacks, and most report getting hit more than once." This relentless onslaught leaves no room for complacency.

Backups in the Crosshairs

Cybercriminals have become more cunning, targeting the very lifelines of recovery—backup repositories. The report unveils a staggering reality: "Backup repositories are targeted in 96% of attacks, with bad actors successfully affecting the backup repositories in 76% of cases." This statistic is a stark reminder that no data is safe.

Financial Fallout Beyond the Ransom

The financial devastation of a ransomware attack extends far beyond the ransom payment. The report starkly states, "only one in nine organizations (11%) reported that the ransom payment was the significant majority of the overall financial impact." The true cost includes brand damage, productivity loss, and a crushing burden on IT teams.

The Mirage of Cyber Insurance

Cyber insurance, once a beacon of hope, is now a mirage in the desert of cyber threats. The report highlights a grim reality: "73% of organizations experienced an increase in their premiums," and, "14% saw their coverage benefits reduced." This underscores the harsh truth that insurance alone cannot shield against cyber calamities.

The Imperative of Team Alignment

In the face of ransomware, unity is strength. The report underscores the critical need for coordination: "63% of organizations believe that there is either a 'significant improvement' or 'complete overhaul' needed for their organizations to be aligned between their backup and cybersecurity teams." Without this alignment, recovery is a distant dream.

Voices from the Frontlines

The report is punctuated by the voices of those on the frontlines of this digital battleground:

Aleh Sadaunichy, Network & Architect Manager at Lyreco, warns, "Unprotected backup is troubling to even think about and should be avoided at all costs."

John O'Neill Sr., CIO at Molded Fiber Glass Companies, emphasizes, "When in the digital battlefield, system backups are the last line of defense."

A Call to Arms for Cyber Resilience

• Unite and Conquer: Foster unwavering collaboration between IT and security teams to forge a resilient defense.

• Fortify the Bastion: Employ cutting-edge security measures like immutable storage and Zero Trust principles.

• Prepare for the Worst: Plan for recovery using alternative infrastructure, including cloud-hosted environments and new servers.

Veeam's 2024 Ransomware Trends Report is a battle cry, urging organizations to rise and fortify their defenses against the relentless tide of cyber threats. By aligning teams, deploying robust security measures, and ensuring data recoverability, organizations can withstand the storm and emerge victorious in the war against ransomware.

In the high-stakes world of cybersecurity, the line between survival and devastation is razor-thin. Veeam's 2024 Ransomware Trends Report exposes the ruthless reality of ransomware, revealing the dire need for unyielding cyber resilience. With 1,200 respondents, including CISOs, security experts, and backup warriors, this report is a clarion call for action.

Incident Response and Recovery

When a ransomware attack strikes, the immediate response is crucial. The report highlights that IT Backup Teams, C-suite members, and Cybersecurity Teams are the top internal teams contacted during an attack. External partners such as backup vendors, security vendors, and forensics specialists are also commonly involved. "Recovery from a ransomware attack is a team sport," the report emphasizes, underscoring the need for coordinated efforts.

Containment is the first step upon discovering a cyber event. Unfortunately, 63% of organizations restored directly back into their production environment without quarantine or scanning, risking re-infection. This highlights the importance of proper scanning and testing during recovery to prevent further damage.

Backup Strategies and Clean Data

Ensuring clean and recoverable backups is paramount. 95% of organizations had a predefined incident response team and plan, with the assurance of clean and recoverable data being a critical component. "System backups are the last line of defense," says John O'Neill Sr., CIO at Molded Fiber Glass Companies. Organizations must treat backups as strategic assets, ensuring they are safe from bad actors and not at risk of reinfection.

The report reveals that 75% of organizations plan to recover to cloud-hosted infrastructure, and 86% include leveraging physical infrastructure. This dual approach emphasizes the importance of flexibility in recovery strategies, allowing organizations to adapt based on the scale and location of the attack.

Financial Impact and Insurance

The financial impact of ransomware extends beyond the ransom payment. 54% of organizations paid the ransom and recovered their data, while 27% paid but couldn't recover their data. Cyber insurance, once seen as a safety net, is no longer a panacea. 73% of organizations experienced increased premiums, 44% had higher deductibles, and 14% saw reduced coverage benefits. This underscores the need for robust cybersecurity measures beyond insurance.

Organizational Alignment

Effective recovery from ransomware requires alignment between IT, security, and leadership teams. 63% of organizations believe significant improvement or a complete overhaul is needed for better alignment between backup and cybersecurity teams. This lack of coordination can hinder recovery efforts and leave organizations vulnerable.

Recommendations for Cyber Resilience

1. Enhance Collaboration: Improve coordination between IT and security teams to forge a resilient defense.

2. Plan Ahead: Broaden the use of immutable repositories and verify backup recoverability.

3. Ensure Clean Backups: Routine testing of backups to ensure their viability and cleanliness.

Statistics and Trends

• Backup Repository Targeting: 96% of attacks targeted backup repositories.

• Data Encryption: On average, 41% of production data was encrypted or affected.

• Recovery Locations: 51% recovered to cloud infrastructure, 44% used DRaaS services, and 42% acquired new servers.

How Cy-Napea® Can Help Safeguard Businesses

Cy-Napea® emerges as a vanguard in the battle against cyber threats, offering a comprehensive cybersecurity solution that combines Endpoint Detection and Response (EDR), Extended Detection and Response (XDR), and Managed Detection and Response (MDR). This multi-layered approach ensures robust protection across all digital assets.

• EDR and XDR: Cy-Napea®'s EDR capabilities enable real-time detection and response to threats, minimizing damage and ensuring swift recovery. The XDR component extends protection beyond endpoints, integrating security across networks, cloud environments, and email systems.

• MDR: Currently in pilot testing, Cy-Napea®'s MDR service offers continuous monitoring, threat hunting, and incident response by a team of seasoned security professionals. This proactive defense mechanism enhances threat visibility and response times.

• Backup and Recovery: Cy-Napea® ensures that information is never lost, with full image and file-level backups that enable swift and seamless recovery. This minimizes downtime and maintains operational continuity, crucial for businesses facing ransomware attacks.

By leveraging Cy-Napea®'s cutting-edge cybersecurity solutions, organizations can fortify their defenses, ensuring data integrity and continuity in the face of relentless cyber threats.

Veeam's 2024 Ransomware Trends Report underscores the critical need for modern, comprehensive security measures and strategic alignment to combat ransomware effectively. By aligning teams, deploying robust security measures, and ensuring data recoverability, organizations can withstand the storm and emerge victorious in the war against ransomware.

Stay vigilant and prepared, as the battle against ransomware continues to evolve.

Source veeam.com