As found in a recent IDC report sponsored by Zerto, the impact of ransomware attacks is extensive. The cost to people can be high with employee overtime, lost employee productivity, the direct cost of recovery (i.e., the engagement of consultants or specialists), and unrecoverable data being notable issues. However, there are even more significant impacts like lost revenue, damaged company reputation, and permanent loss of customers.
That is why cyberthreats are part of most businesses’ high-level strategy. However, the way in which organizations prepare to combat those threats varies. Only half of the companies surveyed focus on both recovery and prevention. This indicates that a holistic view is far from the norm amongst those surveyed. Interestingly, over a third of respondents (37%) do not have a strategy in place that focuses on recovery. They either have a sole focus on prevention or, alarmingly, have no formalized strategy in place yet (8.7%). This is dangerous because, as ransomware actors become more capable of impounding data, businesses will suffer if they can’t get back up and running immediately on their own behalf.