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.