The volume of data in organizations is constantly growing and many companies are grappling with the question of how to protect this amount of data from ransomware attacks or data breaches. Cybersecurity insurance only helps repair the financial damage.
Cyber security solutions provide critical protection for networks, systems and data. In order to protect themselves beyond successful cyber defense, more and more companies are taking out cybersecurity insurance so that they can compensate for financial losses in the worst-case scenario.
However, many companies lack knowledge about how cyber insurance works, when it makes sense and what the total costs are if necessary. Like other insurance policies, cyber insurance only helps to cushion the financial consequences. Due to limited budgets and the high requirements of insurance companies for a contract, companies are asking themselves whether they should take out such insurance at all. Adopting layered data protection protection can help companies answer this question.
Ransomware attacks are increasingly costly
No company is immune to ransomware or data breaches. In 2023, 72 percent of companies worldwide were affected by ransomware attacks. This resulted in restoration costs running into millions. According to the Sophos study “State of Ransomware” In 2022, 42 percent of companies in Germany alone suffered a ransomware attack in which their data was encrypted. The average ransom paid was over a quarter of a million.
Although budgets are becoming increasingly tight given the economic conditions, people around the world are planning 51 percent of companiesto increase their investments in cybersecurity. It's about protecting companies from ransomware and data loss. The best way: Use a solution for business continuity and backup and recovery.
Data protection: ensure or insure?
Many IT specialists are overwhelmed by the daily tasks they have to complete - not least because of the shortage of skilled workers. If a data breach or ransomware attack occurs, it can completely disrupt regular operations. However, if you use a comprehensive data protection solution and coordinate it as best as possible with your disaster recovery program, you will improve your ability to defend yourself against cyber attacks. At the same time, rapid recovery is ensured in the event that data is lost or malicious actors compromise a system.
Implementing a multi-layered security framework is critical for an organization to be able to protect its data and streamline the recovery process. This strategy starts with preventive measures, meaning the use of robust firewalls, anti-malware and endpoint security systems. However, strengthening digital defenses is not everything. It's about rounding out the data protection program and introducing a comprehensive 3-2-1-1 backup strategy.
3-2-1-1 backup strategy includes the following points
Three copies of all data should be retained - one original and at least two copies. The backups should be stored on two different types of media, such as network storage, tape, or a local drive. Lastly, a copy of the data should be kept off-site in the cloud or secure storage. It's also a good idea to keep a copy of your data as an immutable backup that cannot be overwritten, modified, or deleted.
Implementing this backup strategy ensures that company data is protected and can be restored at any time. Even if hackers gain full access to a network, its immutability makes it almost impossible for them to delete copies of data or manipulate the data. Most importantly, however, is that one 3-2-1-1 backup strategy convinced from an economic point of view.
The fight goes on
Companies and their leaders will need to continue the fight against ransomware and cybercriminals. Developing a comprehensive ransomware and backup strategy reduces the risk of losing valuable data and prevents large ransoms from being paid to hackers. While cyber insurance only provides a temporary solution in the event of an attack, investing in backup solutions provides the greatest benefit because it solves the core problem of proactively protecting data through a multi-layered approach.
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About Arcserve Arcserve offers exceptional solutions to protect the valuable digital assets of companies that require complete and comprehensive data protection. Arcserve was founded in 1983 and is the world's most experienced provider of business continuity solutions for securing multigenerational IT infrastructures with applications and systems in any environment, on site and in the cloud. Companies in over 150 countries around the world rely on Arcserve's highly efficient, integrated technologies and expertise to reduce the risk of data loss and prolonged downtime while reducing the cost and complexity of data backup and recovery by up to 50 Reduce percent. Arcserve is headquartered in Minneapolis, Minnesota with numerous locations around the world.