Just 1 in 6 victims got back all their data after paying ransom

Almost all (96%) IT and security leaders globally are concerned their organisation will be unable to maintain business continuity following a cyberattack, according to a new study released today by Rubrik.

Rubrik Zero Labs commissioned its second global study with Wakefield Research to gather insights from 1,625 IT and security leaders at companies with at least 500 employees. This was done between February 10-21. 

Respondents were made up of approximately half CIOs and CISOs and half VPs and Directors of IT and Security, who are based in the United States, United Kingdom, France, Germany, Italy, The Netherlands, Japan, Australia, Singapore, and India.

Findings show that data security is becoming increasingly complex and the datasets that require securing are growing rapidly. Rubrik internal data revealed that on average, the growth of data secured in 2022 was 25% (on premises grew 19%, cloud grew 61%, and SaaS data secured grew 236% last year).

More than half (56%) of organisations currently employ at least one zero trust initiative.

However, only 56% of IT and security leaders developed or reviewed an incident response plan in 2022, and 54% tested backup and recovery options.

Also, legacy data backups (the last line of defence for many) are falling short, as 99% of external organisations reported having backup and recovery technology, with 93% encountering significant issues with their solution.

Nine out of 10 external organisations reported malicious actors attempted to impact data backups during a cyberattack, and 73% were at least partially successful in these attempts.

Nearly three quarters (72%) of organisations reported paying a ransomware demand.

Only 16% of all global organisations recovered all of their data via attacker decryption tools.

Further, new and constantly evolving problems are met with the existing challenges pre-dating an intrusion, and almost half (47%) of IT and security leaders believe their 2023 cybersecurity budget is not enough of an investment.

More than a quarter (27%) expect their IT and cybersecurity budgets to decrease in 2023.

IT and security leaders will need to work at bringing their teams together with only 4% stating there are no factors limiting the IT and security alignment requiring their attention this year.

“It’s clear organisations understand the gravity and impact of cyber incidents, but we also see a range of roadblocks from a lack of preparation, misalignment between IT and security teams, and over-reliance on insufficient backup and recovery solutions,” said Steven Stone, head of Rubrik Zero Labs. 

“In the current era of cybersecurity, the best outcome is ensuring cyber resilience,” said Stone. “Incidents are inevitable, so it’s critical to reduce the risk before a response is needed, and—at all costs—protect the crown jewel, the data.”