In November, we unveiled insights from our Value of Data survey, which measured the pulse of more than 700 IT leaders across the United States and United Kingdom. The initial findings demonstrated how vital data, and the proper protection and backup of it, has become to an organization. Like author and theorist Geoffrey Moore once said, “without data, you are blind and deaf in the middle of a freeway.”
If utilized properly, data leads to better decision making, enhanced customer experiences, and expedited business growth. However, if data is poorly managed, left unprotected or insufficiently backed up, a business can suffer dire consequences. The 2020 pandemic kicked digital transformation journeys and cloud migrations into high gear, but those that overlooked their digital assets were more likely to be the victims of data loss, user errors, and malicious attacks. The reality is that almost nothing can prevent these attacks 100% of the time, but a thoughtful, comprehensive backup architecture and data protection strategy can be critical to restoring business operations quickly.
So while the rate of digital innovation is increasing, the task at hand for many IT leaders revolves around how to best leverage their data more effectively.
With the introduction of the Value of Data eBook, IT leaders can dive deeper and uncover new insights that further reinforce the growing need for cloud data protection. See how safer data management practices such as frequent backups can drive more opportunities for your business in the future.
The imminent risk of ransomware
Since the start of the pandemic, IT professionals have experienced a rapid acceleration in cybersecurity threats. Almost one third (30%) of respondents reported an increase in both ransomware and malware threats, making cybersecurity one of the biggest concerns for the majority of IT leaders.
As the value of data increases, so do the profits from exploiting it. From customer credit card details to employee home addresses, cyber criminals are waiting to take hold of this information and use it to achieve a monetary gain. In fact, ransomware groups made at least $350 million last year in ransom payments — a 333% increase from the year prior¹.
In light of rising cyber threats, 78% of IT leaders are more concerned about ransomware since the pandemic began. To make matters worse, cyber criminals are growing more sophisticated with their ransomware tactics by threatening to auction off or sell sensitive data if ransoms go unpaid.
If there is one lesson to learn from this, it is that IT leaders must be proactive when it comes to protecting their data. While there is no silver bullet to ransomware, backups in the cloud are a critical line of defense. Unlike on-premises backup protection, the cloud offers limitless storage for backups, improved reliability, and robust security. If a business is attacked, IT leaders can restore their data with confidence and get their systems recovered within minutes.
The table stakes of data compliance
With cyber threats surging, privacy and compliance have become even more important. Yet ensuring compliance is no walk in the park. Whether it’s GDPR, CPPA, or the newly passed CPRA, businesses are navigating a complex regulatory landscape. If a company fails to meet these regulations at regional, national, or global levels, it could face steep fines. It can also diminish customer trust.
IT leaders are expected to have full visibility of data across the entire organization. However, the sheer scale of data has made it more difficult to manage and ensure compliance. Data becomes a hazard if an organization stores it, but doesn’t use, analyze, or know it is being collected. Coined as the term dark data, 69% of respondents believe this data creates both an opportunity and a risk.
If an organization audits data it unknowingly collects, it may come across some valuable information that can be used to make more informed business decisions. However, if it’s not accurately managed, dark data can lead to security risks, compliance issues, and a damaged corporate reputation. With data stored in more places than ever before, it is essential for a business to track how it spreads so it can be properly protected, compiled, and governed.
Maximizing data’s fullest potential
Whether an organization is looking to strengthen its data resiliency, streamline governance, or unlock the value of stored data, cloud data protection helps achieve a greater competitive advantage while dramatically reducing costs.
With Druva, businesses have centralized visibility across environments and are able to access, backup, or recover data from anywhere in the world. Leveraging automated backups, intelligent insights driven by machine learning and AI, robust ransomware protection, and compliance capabilities, customers are able to unlock their value of their data, and in turn, drive more growth.
As the value of data increases, so does your responsibility to protect it
While just a preview into the Value of Data eBook, these insights clearly demonstrate that the data landscape is rapidly evolving. IT leaders must ensure their data protection and management strategies address today’s changing needs and provide the flexibility and future-proofing to support tomorrow’s opportunities. Instead of trying to build internal expertise, or navigate evolving compliance requirements, security threats, and data management with aging hardware and software, cloud data protection offers a solution that is always up to date, always available, and only costs for the services used. As environments become more complex, IT leaders can lean on a team of experts to protect their most valuable assets, and instead focus on driving value for the larger organization.
Learn how Druva helps more than 4,000 customers streamline governance, strengthen cyber resiliency, and maximize the value of their data by visiting the platform overview. To access more survey findings, download the Value of Data eBook.
¹ Chainalysis, “The 2021 Crypto Crime Report,” February 16, 2021.