DRJ Fall 2022 just wrapped, and this year’s event lived up to the billing!
DRJ’s 67th conference was a jam-packed show featuring over 50 sessions, 75 speakers and more than 70 exhibitors. Sessions covered everything from “Building Resilience with Integrated Risk Management” to “The DNA of a Cyber Resilience Program” to “Cracking the Code on Business Impact Analysis” and more. One thing was clear, cyberthreats and the risk to business continuity was top of mind for many attendees.
Sungard AS’ Darpan Thaker, Sr. Director of Product Management, and John Beattie, Principal Consultant, were among the event’s speakers. In their solution session, “Ransomware Readiness: Reducing the Risk of a Failed Data Recovery Effort,” Darpan and John discussed the importance of ensuring your company has a Data Recovery Plan as a critical component of a business continuity strategy, to ensure the highest probability of data recovery after a successful cyberattack.
Some of the key takeaways were:
According to Sophos’ State of Ransomware 2022 report, 66% of businesses were hit with ransomware in 2021, up from 37% in 2020. The average ransom paid was $812,360, while 11% of businesses paid $1 million or more. The report also found that the average cost to recover from a ransomware attack in 2021 was $1.4 million and took an average of one month to recover from the damage and disruption.
Threat actors are zeroing in on compromising data integrity to extort huge ransom payments. Sophos discovered that 65% of attacks resulted in data being encrypted, yet just 61% of encrypted data was restored – on average – following payment, with only 4% of companies getting all their data back.
Compromised data recovery is more of an issue than most organizations realize, and many don’t have a strategy to recover and restore data after a successful cyberattack. Using a traditional disaster recovery plan (DR) for compromised data recovery won’t get the job done, as it’s a completely unique recovery case that needs a different approach.
To reduce the risk of a failed data recovery, you should have secure and tamper-proof backups, stringent identity and access management, and a clean-room environment for forensic analysis. You should also implement cyber recovery life management best practices and run regular cyber recovery simulations.
You can’t eliminate the risk of a failed data recovery effort all together. But with the right steps, precautions, and a compromised data risk management (CDRM) framework based on best practices in place, you can significantly diminish it.