Companies step up investment in ransomware protection

In the wake of the MOVEit vulnerability, which affected an estimated 40 million people around the world, businesses are stepping up their investment in ransomware protection.

A new study carried out by Censuswide for Veeam Software surveyed 100 directors of UK companies with over 500 employees who had suffered a ransomware attack in the past 18 months and finds 24 percent report they are significantly more anxious about ransomware attacks as a direct result of the MOVEit breach.

In addition 66 percent say they are slightly more anxious, with just six percent denying being anxious about the threat of ransomware following the MOVEit breach.

As a direct result of MOVEit, 42 percent of businesses have invested in backup and recovery, and 29 percent have optimized their existing strategy to ensure they have accurate and easily recoverable data to fall back on in the event of a compromise. 41 percent of businesses have increased their spend on wider cybersecurity solutions, and 31 percent have taken out a cyber insurance policy.

The survey also reveals the value UK business leaders place on equipping their workforce with the skills and training to manage the ransomware threat. 42 percent of respondents increased spend on skills development, and 40 percent upped their investment in training.

Dan Middleton, vice president UK and Ireland at Veeam, says, “MOVEit cyber-attacks have changed the discourse around ransomware and thrust the issue front and centre into the public domain. While it has sadly become an inevitability for businesses, protection is possible. Businesses need to achieve ‘radical resilience’ against ransomware by developing a data protection and ransomware recovery strategy that goes beyond the basics. The Veeam Ransomware Trends Report 2023 reveals that 93 percent of cybercriminals target backups, so it is critical that organizations recognize that not all backup and ransomware recovery solutions are created equal, and the secret to protection lies in immutability.”

You can get the full Ransomware Trends Report from the Veeam site.

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