According to US-based IT firm Veeam, one of these three organizations that paid the ransom could not recover even after the payment.
Furthermore, for the third consecutive year, more organizations 'paid, but could not recover' than those that could 'recover without payment'.
“Ransomware is endemic, affecting 3 out of 4 organizations in 2023. AI is enabling the building of smarter, more advanced security now, but it is also facilitating an increase in the amount of sophistication of attacks is,” said Dave Russell, senior VP, head of strategy at Veeam.
The report surveyed 1,200 respondents (or executives with similar responsibilities), security professionals and backup administrators.
When a cyberattack occurs, 45 percent of companies reported increased pressure on IT and security teams.
Additionally, 26 percent experienced decreased productivity, while 25 percent faced disruption in internal or customer-related services.
Additionally, 45 percent cited increased workload after the attack, while 40 percent reported increased stress levels and other personal challenges that are difficult to reduce on 'normal' days, according to the report.
Furthermore, the report revealed that 65 percent paid with insurance and another 21 percent had insurance but chose to pay without making a claim.
"Organizations must take action to ensure cyber resiliency and recognize that fast, clean recovery matters most," Russell said. By aligning teams and strengthening cybersecurity with immutable backups, They can protect their valuable business data, while Veeam keeps their business running and secure.”
Furthermore, for the third consecutive year, more organizations 'paid, but could not recover' than those that could 'recover without payment'.
“Ransomware is endemic, affecting 3 out of 4 organizations in 2023. AI is enabling the building of smarter, more advanced security now, but it is also facilitating an increase in the amount of sophistication of attacks is,” said Dave Russell, senior VP, head of strategy at Veeam.
The report surveyed 1,200 respondents (or executives with similar responsibilities), security professionals and backup administrators.
When a cyberattack occurs, 45 percent of companies reported increased pressure on IT and security teams.
Additionally, 26 percent experienced decreased productivity, while 25 percent faced disruption in internal or customer-related services.
Additionally, 45 percent cited increased workload after the attack, while 40 percent reported increased stress levels and other personal challenges that are difficult to reduce on 'normal' days, according to the report.
Furthermore, the report revealed that 65 percent paid with insurance and another 21 percent had insurance but chose to pay without making a claim.
"Organizations must take action to ensure cyber resiliency and recognize that fast, clean recovery matters most," Russell said. By aligning teams and strengthening cybersecurity with immutable backups, They can protect their valuable business data, while Veeam keeps their business running and secure.”
