The IT sector has had a major transition in the past few years. With more technological advancements, it looks like there are more destructive and severe ransomware attacks. In 2021, companies from different industries no longer want to experience operational disruption.
Malware encryption ultimately targets private and public sector organizations. Despite the size and geographical location, companies from different sectors are now susceptible to ransomware attacks. During the COVID-19 crisis, however, organizations realized the importance of cybersecurity solutions and best data protection practices.
The Past, Present, and Future of Ransomware Attacks
Currently, many organizations have a swift response in order to eliminate or reduce the impact of a ransomware attack. After all, ransomware attacks are forecasted to cross $265 billion by 2031. Cybersecurity specialists note that the overall impact of ransomware attacks on organizations, federal institutions, and government agencies would take place after every few seconds.
As compared to 2018, ransomware attacks managed to increase by 715% in Q1 and Q1 of 2020. As new ransomware attacks come into the light, cybersecurity experts face new forms of ransomware attacks. As a result, this chain of ransomware attacks makes the ransomware cost high. The average ransomware cost rose to $312, 493 from 115,123 in 2020.
In the new digital age, organizations don’t want to risk the potential threat of ransomware attacks and allow cybercriminals to get away with data and hefty sums. One report notes that companies paid for over 56% of ransomware attacks in 2020. But out of 56%, 17% of organizations still couldn’t access their data.
In fact, it has become clear that ransomware attackers are data dilation to avoid possible exposure. You might not be aware of it but after every 12-15 seconds, an organization experiences a ransomware attack.
Importance of Data Protection
Every organization engages with customer data, personnel files, financial transactions, and product information to make robust and logical decisions. This data works as the source of workflow and processes for organizations.
The same data allows organizations to deliver the top-notch quality of products or services. In 2021, data has become the Holy Grail for companies. It is “the” asset that can make or break companies. It is the dominant reason why data protection has become a top priority for growth-driven organizations.
Depending on the company size, structure, industry, and business requirements, it can opt for a wide range of data security solutions. For instance, internal authorization is the hallmark and basic data protection practice. It restricts certain data from certain employees to maintain the integrity and confidentiality of data.
Opt for Modern Data Protection Solutions
Remember, modern data protection solutions offer more than just a sense of assurance – they ensure organizations don’t compromise their in-house or cloud data. Besides, customers want to ensure their shared data with the company is secure and wouldn’t be exploited or marketed.
Moreover, robust and continuous data governance fosters trust with the customers and staff. In fact, data protection solutions help you establish your brand and garner more trust in the market. GDPR now views data security as more than just a protective layer – it mandates it as a legal requirement.
Professional tech experts agree that organizations should take appropriate measures and roll out technical solutions to ensure data processes and storage. With more awareness and training around data protection, organizations can further secure their valuable data. Whether it’s data breaches or unverified responses, data security makes sure organizations don’t destroy the built-up trust.
An All-in-One Data Protection Solution
Of course, even a robust data security framework wouldn’t count as an all-in-one solution to thwart hackers. Still, data security is critical to organizations because it makes it easier to review potential threats and reduce the severity of a risk attached to your data handling and storage.
Since data serves as the backbone for companies, it makes sense to opt for the best data protection and restoration services. With the rampant ransomware attacks on the horizon, it is crucial for companies to focus on the best data security solutions. In 2021, it is vital to understand and prioritize your most sensitive data and adhere to compliance requirements at the same time.
If you’re searching for a reliable service that can secure your business data, reach out to VAST. Get in touch with us and we’ll help you understand how data safety can help you learn about data protection strategies and how various data protection solutions can ultimately help you drive more business growth.