Research commissioned by Cohesity unveils a concerning reality of pervasive cyberattacks, with a majority of companies resorting to paying ransoms, breaking their ‘do not pay’ policies. Data recovery deficiencies exacerbate the issue, as companies struggle to cope with the increasing threat landscape.

What you should know

• 79% of respondents fell victim to ransomware attacks between June and December.
• Companies face an imminent increase in cyberattacks, with 96% expecting higher threats in 2024.
• Cyber resilience lags, with 78% reporting increased data security risks faster than data growth.
• Slow data recovery: 23% need over 3 weeks; only 7% can recover within 1-3 days.
• Despite ‘do not pay’ policies, 90% have paid ransoms, with 67% willing to pay over $3 million.

“Cyber resilience and data security should be a holistic organizational priority because the use of data and technology occurs in every function by every employee. The severe impact of a successful cyberattack or data breach on business continuity, revenue, brand reputation, and trust is enough to keep all business, IT, and Security leaders awake at night. To rapidly respond to cyberattacks, organizations need modern AI-powered data security and management solutions that protect their data, detect when it is under attack, and recover it as fast as possible to restore their business processes.”

Sanjay Poonen, CEO and president of Cohesity

The study highlights the urgency for companies to enhance cyber resilience, recover data faster, and align executive management responsibility for data security. The prevalence of paying ransoms and gaps in cyber resilience strategies highlight the need for modern AI-powered data security solutions. Government initiatives are found to have limited influence, emphasizing the need for organizations to proactively drive their cybersecurity practices beyond compliance standards.