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Monday, March 4, 2024

Study Reveals Cyber Attacks as Primary Cause of Business Outages-1

For the fourth consecutive year, cyber attacks have retained their position as the most common and impactful causes of business disruptions, according to Veeam Software’s latest findings. The report, extracted from the company’s fifth annual Veeam Data Protection Trends Report, highlights the enduring dominance of cyber threats and sheds light on key trends and challenges in the realm of data protection.

Cyber Threat Landscape: A Continual Struggle

The study underscores that cyber attacks have consistently ranked as the primary cause of business outages for the past four years. Despite heightened awareness and increased investments in cyber defense, organizations continue to grapple with the pervasive and evolving nature of cyber threats.

Veeam Data Protection Trends Report: Navigating the Data Protection Landscape

Veeam Software, recognized as a leader in data protection and ransomware recovery, presents insights into the evolving landscape of data protection. The report reveals not only the prevalence of cyber threats but also the complex challenges faced by IT leaders in safeguarding critical data.

Concerns Amidst Cyber Resilience Efforts: A Balancing Act

While organizations express their commitment to fortifying defenses against cyber threats, the report indicates a growing sense of unease among IT leaders. Despite increased efforts, there is a collective sentiment of being less protected and heightened concerns regarding the ability to recover and restore essential data.

Frequency and Recovery Challenges: Navigating the Storm

The study highlights that a significant 76% of organizations faced at least one cyber attack in the past 12 months. However, the ability to orchestrate successful recovery during a disaster recovery (DR) situation remains a major concern, with only 13% expressing confidence in this aspect.

Budget Dynamics: Investing in Protection: Cyber Attacks

In a notable trend, data protection budgets are expected to grow by 6.6% in 2024, outpacing the overall growth in IT spending for the second consecutive year. This underscores the heightened importance organizations place on fortifying their defenses against cyber attacks.

Inhibitors to Modernization: A Shifting Landscape

The report identifies protecting against cyber threats and addressing environmental, social, and governmental goals as the primary inhibitors to IT modernization and digital transformation initiatives. This shift surpasses traditional struggles related to skills, economic concerns, and organizational issues.

Focus on Cyber Resiliency: A Foundation for Success

While cyber resiliency is considered a foundational aspect of business continuity and disaster recovery (BC/DR) strategies, the report reveals a growing gap between expectations and capabilities, particularly in meeting service level agreement (SLA) expectations for recovery times.

Container Usage and Workload Challenges: Adapting to Modern Demands

With the rise of container usage, the report indicates that 59% of enterprises run them in production. However, only 25% use a backup solution purpose-built for containers, potentially posing challenges in resuming operations after crises.

Job Dynamics and Data Protection Talent: A Dual Perspective: Cyber Attacks

Almost half (47%) of respondents express an intent to seek new job opportunities within the next twelve months, posing both a challenge and an opportunity for data protection initiatives. The market shift presents a dual dynamic of potential talent loss and an opportunity to enhance knowledge in protecting modern production workloads.

Reliability and Cloud Protection: Cornerstones of Enterprise Backup Solutions

For the second consecutive year, the two most critical considerations for enterprise backup solutions are reliability and the protection of cloud-hosted workloads. This presents a challenge for organizations relying on older, datacenter-centric data protection solutions.

The Call for Cyber Vigilance: Navigating Ransomware Threats: Cyber Attacks

Dave Russell, VP of Enterprise Strategy at Veeam, emphasizes the ongoing threat of ransomware, which continues to be the foremost threat to business continuity. He underscores the imperative for sustained cyber vigilance and the importance of having the right protection and recovery capabilities.

In conclusion, the report not only highlights the evolving challenges in the data protection landscape but also emphasizes the need for organizations to adapt, invest, and remain vigilant in the face of persistent and sophisticated cyber threats. Veeam’s mission for 2024 is to empower businesses to navigate these challenges and ensure continuous operations.

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