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Veeam 09.qxd 01-<strong>Dec</strong>-23 10:54 AM Page 3<br />
RESEARCH: RANSOMWARE<br />
"It's understandable that ransomware is a leading cause of stress for business leaders<br />
and their employees, especially as it's now a case of 'how often' rather than 'if' or 'when'<br />
cyber-attacks will strike. With cybercriminals constantly evolving the pursuit of their next<br />
victim, businesses must do all they can to reduce ransomware's human and economic<br />
consequences by protecting and backing up their data to ensure rapid recovery after an<br />
attack. This will not only keep businesses running as usual in the face of the very real<br />
threat of ransomware but will also considerably alleviate the ripple effects it can have on<br />
people and businesses."<br />
costs, nearly half (49%) experienced increased<br />
customer complaints, and 47% reported team<br />
stress.<br />
largest brunt, with 82% while other business<br />
units not usually associated with dealing with<br />
the aftermath such as operations (73%),<br />
production/R&D (73%) and HR (70%), were<br />
also adversely influenced.<br />
The undesirable consequences people are<br />
experiencing may be partly attributed to the<br />
effect ransomware attacks can have on their<br />
careers and livelihoods. According to the<br />
survey, 20% of businesses considered<br />
dissolving within a year of an attack, 32%<br />
reported that their staff worked longer hours,<br />
and 42% of respondents said they experienced<br />
greater than normal customer losses.<br />
Given the significant financial damage<br />
caused by ransomware, it's clear why some<br />
businesses don't make it. As well as the cost of<br />
the ransom itself - if paid - companies lost an<br />
average of 35% of their annual turnover in the<br />
three months following an attack, and 39%<br />
lost over 40%. 28% experienced a revenuehitting<br />
drop in productivity.<br />
SKILLS ISSUES<br />
At the same time, businesses are battling the<br />
ongoing skills shortage and challenging<br />
economic conditions, making the effects of<br />
ransomware even greater. In the wake of an<br />
incident, 56% said they had increased hiring<br />
Dan Middleton, Regional Vice President UK&I<br />
at Veeam, said about the findings: "It's<br />
understandable that ransomware is a leading<br />
cause of stress for business leaders and their<br />
employees, especially as it's now a case of<br />
'how often' rather than 'if' or 'when' cyberattacks<br />
will strike. With cybercriminals<br />
constantly evolving the pursuit of their next<br />
victim, businesses must do all they can to<br />
reduce ransomware's human and economic<br />
consequences by protecting and backing up<br />
their data to ensure rapid recovery after an<br />
attack. This will not only keep businesses<br />
running as usual in the face of the very real<br />
threat of ransomware but will also considerably<br />
alleviate the ripple effects it can have on<br />
people and businesses."<br />
The findings highlight the urgent need for<br />
businesses to build up cyber resilience.<br />
Fortunately, companies are taking steps to<br />
tackle the ransomware threat head-on. 43% of<br />
those surveyed implemented a backup and<br />
recovery strategy after experiencing an attack,<br />
and 37% optimised their backup and recovery<br />
strategy, showing how backup is increasingly<br />
viewed as the best line of defence.<br />
More info: www.veeam.com<br />
www.storagemagazine.co.uk<br />
@<strong>ST</strong>MagAndAwards <strong>Nov</strong>/<strong>Dec</strong> <strong>2023</strong><br />
<strong>ST</strong>ORAGE<br />
MAGAZINE<br />
09