Cybersecurity Threats Need Fresh Data Recovery Strategies

The information age is a double-edged sword. Advanced technologies are accelerating incredible achievements for businesses and consumers. We are more connected than ever, and those connections are faster and increasingly more immediate. But technology has also made it easier for those who seek to gain an advantage by exploiting others. Hidden in the digital web of interconnections are people intent on stealing your content or holding it to a hefty ransom for its return.

I was once told that “The only really secure way to keep your data safe is to put it into a box with no electronic connections and guarded by sentries.” Well, that’s not perfect because humans are fallible. But today’s organizations need digital sentries and multiple lines of defense against cybercrime, which can devastate a business when it hits and impacts can linger for years after the initial attack.

Ransomware has been steadily growing in prominence and impact since the WannaCry ransomware outbreak that infiltrated systems around the world in 2017. While criminals develop more advanced techniques, the fundamentals of ransomware remain the same. Attackers penetrate a network, find and encrypt data, and demand payment for a decryption key.

The threat of ransomware is increasing quickly, and the impact of an attack is enormous. It’s not a question of “if” but of “when” you will face this challenge. Choosing between ransom payments or suffering data loss is costly and risky.

The costs associated with cyberattacks, including lost business, insurance rate hikes, lawsuits, criminal investigations and bad press, can even put a company out of business – and fast! Here are just a few of the many data breaches that occurred during the past 18 months and their costly toll:

• The New York Times reported that T-Mobile reached a $500 million settlement after a huge 2021 data breach. The company, which said the attack had affected 76.6 million people, agreed to pay $350 million to settle claims and spend $150 million to bolster security.
• Insider reported that global insurance provider CNA Financial forked over a reported $40 million post-cyberattack last year.
• The Washington Post reported that the…