Many enjoy capturing photos and videos with their phones, but we often forget that our phone storage can get full fast. To solve this, some store their photos in the cloud. To keep our memories safe from loss or hacking, we utilize passwords and other security measures. But it's tough to keep our data organized and protected online.
A constant, unwelcome guest in the digital transformation era refuses to leave: ransomware. This digital villain continues to adapt and grow despite years of battle. Although there have been a number of alerts and updates about ransomware, enterprises are still finding it difficult to ward off these threats.
The quantity and severity of ransomware attacks are expected to rise once again in 2023, and businesses need to take steps to protect themselves from these costly and disruptive incidents. According to Cybersecurity Ventures, “Ransomware will cost its victims around $265 billion (USD) annually by 2031.” These attacks have a devastating impact on enterprises, causing critical data loss and downtime. In addition, businesses may also be liable for the cost of the ransomware attack itself.
Because organizations generate a large amount of data every day and have increasingly large workloads moving between hybrid and multi-cloud environments, unified storage has become important for ransomware protection. In this post, we cover what unified storage is and how it addresses ransomware.
A recent WEI study says that 64% of IT leaders cite improved data security for their organization as their top objective over the next 12 months. And for good reason. As technology continues to evolve, it’s not a matter of if an enterprise will have a ransomware attack but when it will happen. With technological advances, it’s not just enterprises that benefit — cyber criminals do as well.
A few weeks into January, there is still time to put on our fortune teller hat to make IT predictions for 2022. This is an opportunity to predict the trends, technologies, and challenges that enterprises will experience over the next 11 months. While we don’t claim to have any clairvoyant powers, we do have a good pulse on how the coming year will play out due to our involved client partnerships and our commitment to identifying and embracing new technology solutions that add value to our clients.
Unfortunately, as technology evolves, it’s not just the enterprise that benefits from the latest and greatest tools – so do the criminals who use them to attack businesses. With enterprises pushing forward with digital-first initiatives, it’s a matter of when, not if, they will be faced with a cybersecurity threat. Because of this assumed risk, it is no longer enough to just have the right technology in place; it’s imperative for your enterprise to have a cybersecurity strategy to prevent, detect, and overcome a ransomware attack.
What is your enterprise’s cybersecurity process when it comes to ransomware preparedness? As a heavily relied upon technology leader, this is a critical question to ask yourself. Remember, there are two types of companies – those that have been hit with ransomware and those that eventually will be. According to numbers recently published by Cybersecurity Ventures, a ransomware attack occurs every 11 seconds. On average, each incident costs an astounding $700,000 in damages.
There used to be a single test to determine the effectiveness of your data backup strategy. It centered around successfully restoring your data from a backup, and you would rest easy knowing that you would, in theory, recover from a data loss event. It was really that simple. Still, there were some security concerns as you did not want just anyone accessing the backups who might accidently (or inadvertently) delete them. There was also the threat of confiscating a backup tape containing sensitive or valuable data by an imposter. For the most part, the data backup system was out of sight and out of mind for everyone other than the backup administrator.
Over the last decade, the topic of cybersecurity has shifted from being a technical subject to a mainstream topic impacting every facet of the organization. As cyberattacks become increasingly more sophisticated, frequent and disruptive executive leaders now face a new complex blend of issues, including economics, business processes, and psychology.
Days after the attack on the Colonial Pipeline, MIT Sloan School of Management professor, Stuart Madnick, said in an interview, “I often say the worst is yet to come.” While this is not a time for pessimism, the trend certainly appears to be headed in the wrong direction. 2021 has brought significant, far-reaching cyber catastrophes: ransomware has taken down one of the largest oil pipelines in the country, the largest meat processing company in the world and the police department of our nation’s capital. Even a ferry operator in Martha’s Vineyard found itself attacked.