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Veeam’s 2024 report: Cyber Attacks still cause #1 business downtime

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Veeam Software has released insights from its fifth annual Data Protection Trends Report, revealing that cyber attacks are the leading cause of business outages in 2024. The survey found that IT leaders are feeling even less protected and more concerned about their ability to recover and restore mission-critical data. The report also highlighted that ransomware attacks remain a major concern for businesses, with 76% of organisations experiencing an attack in the past 12 months. This number is down from 85% in 2023, but 26% reported being attacked at least four times in the past year. The survey ranked protecting against cyber threats and addressing environmental, social, and governmental goals as the biggest inhibitors to IT modernisation and digital transformation initiatives.

Key takeaways from the report include:

  • Cyber attacks are the #1 cause of outages, followed by infrastructure/networking outages, storage hardware failures, application software issues, public cloud resource failures, and server hardware failures.
  • Ransomware attacks are a major concern, with 76% of organisations experiencing an attack in the past 12 months.
  • Only 13% of organisations can successfully orchestrate recovery during a disaster recovery situation.
  • Protecting against cyber threats and addressing environmental, social, and governmental goals are the biggest inhibitors to IT modernisation and digital transformation initiatives.
  • Only 32% of organisations believe they can recover from a small attack, crisis, or outage within a week.
  • Data protection budgets are expected to grow by 6.6% in 2024, outpacing IT spending growth.
  • Integration of data protection and IT security tools is becoming more important for organisations.

Overall, the report highlights the need for continued efforts to protect against cyber attacks and ensure business continuity. Veeam Software emphasises the importance of having the right protection and recovery capabilities in place to prevent and recover from cyber attacks.

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