Understand the Challenges of Data Restoration
Data is more than just information; it’s the lifeblood of business, fueling everything from daily operations to strategic decisions. Yet, as reliance on data grows, so do the threats against it. According to a Security Magazine report in 2023, only 63% of organizations restored their data after a ransomware attack.
Despite the pervasiveness of cyberattacks, business owners still view ransomware attacks as unlikely events rather than imminent threats. Jason Buffington, a VP at Veeam, believes that ransomware is a matter of when and not if. According to Veeam’s Data Protection Trends Report 2024, 75 percent of businesses suffered at least one ransomware attack in 2023.
Large hospitals, tech companies, and government agencies aren’t the only victims of these cyberattacks. If you are still thinking, “A ransomware attack couldn’t happen to my business,” your company might be unprepared for the sophisticated encryption techniques hackers use these days. Lack of preparedness and understanding will decrease your chances of successfully restoring your business’s data after a ransomware attack.
Veam’s 2023 report states that 85 percent of ransomware attacks targeted small businesses
Lack of Preparedness and Understanding
Inadequate Backup Strategies
Many modern ransomware campaigns deliberately target backup systems and files. Why? Hackers know that a business can recover its data after a ransomware attack without paying the hacker’s ransom, and they can do so with an effectively managed backup. By encrypting or deleting those backups, attackers can significantly reduce or even eliminate their victim’s chances of successful data restoration after a ransomware attack.
Businesses can protect themselves with a robust backup strategy that backs up critical data on a separate system off-site, creating redundancy. This strategy can minimize downtime and maximize data restoration after a ransomware attack.
Unfortunately, many businesses still believe they can get by with backing their data on-site now and then. In the face of unprecedented attacks, only half of companies invest in cybersecurity. As a result, they may find themselves with inaccessible backups when an attack occurs.
Underestimating the Recovery Process
Ransomware recovery is a more complex process than many businesses anticipate. They often underestimate the time, resources, and expertise required to restore systems and data fully. Without the right processes and backups in place to protect against ransomware, a business will experience prolonged recovery times, increased costs, and, in some cases, the permanent loss of critical data.
The Complexity of Ransomware Encryption
Another obstacle to data restoration is the sophisticated nature of ransomware encryption techniques. Over the years, ransomware encryption has evolved from simple algorithms to complex cryptographic schemes. Ransomware attackers are becoming more advanced at encrypting data. This advancement significantly complicates a business’s ability to restore its data after an attack because it cannot decrypt the files without the attacker’s cooperation. In practical terms, once attackers encrypt or lock up your data, you can’t get to it unless you pay the ransom for a decryption key.
According to a Sophos report on ransomware, 76% of businesses that faced an attack in the past year also had their data encrypted.
Bridging the Gap: Towards Better Preparedness and Recovery
Addressing the challenges of a lack of preparedness and ransomware encryption complexity requires a multifaceted approach. Businesses must prioritize cybersecurity as an essential part of operational risk management.
Investing in a Robust Backup Strategy
Advanced backup solutions that offer air-gapped, immutable, or off-site backups can provide a crucial safety net. These technologies make it more difficult for ransomware to compromise backup data, ensuring businesses have a viable path to recovery.
Continuous Education and Training
Continuous education and training for IT staff and other employees can significantly enhance business preparedness. By understanding the latest ransomware tactics and techniques, your employees will be able to develop more effective defense and response strategies.
Collaborative Recovery Efforts
Finally, collaboration with cybersecurity experts, industry peers, and law enforcement can provide additional resources and support for data recovery efforts. In some cases, these collaborations can lead to the acquisition of decryption keys or alternative data restoration methods.
Navigating the aftermath of a ransomware attack is challenging, but restoring data is possible when businesses prepare robust backup strategies and promote company cultures that continuously educate and train in cybersecurity practices. The cyber threat landscape is ever-evolving. By adopting proactive, informed cybersecurity practices, companies can survive a ransomware attack with their data intact.
How will your company navigate the aftermath of a ransomware attack? Ozone IT Services Backup-as-a-Service (BAAS) solution can secure critical data and create redundancies with hybrid cloud and off-site storage solutions for you. Contact Ozone IT Services today.
