As we roll out our newly created Workspace 365 Backup solution, we thought it might be helpful to highlight its ability to transform your online protection and security implications of regularly backing up your most prized business asset – data. While physical assets can be replaced or repaired, lost data is gone forever. In an increasingly digital world, every business more sophisticated than a lemonade stand relies on careful data management and protection for its survival.
What is Ransomware?
Described simply – ransomware involves the theft or malicious encryption of an entity’s data following a security breach. Hackers around the world send millions of daily emails hoping to penetrate lines of defence and gain access to business and government files. High-value targets include customer databases and account details, sensitive financial information, patient records in the case of healthcare bodies, and educational records held by schools and universities.
Once accessed, data is either stolen or frozen with encryption, and then a demand for a ransom payment arrives. Your sensitive files are compromised, the team loses access, and hackers demand an immediate cryptocurrency payment for their release. How would you react to such an ultimatum that’s immobilised your entire business operation?
A Growing Global Concern
Ransomware attacks are on the rise, with a successful attack hitting a business worldwide every 11 seconds, according to Varonis, a company specialising in cyber security. The average downtime a company experiences following a ransomware attack is 21 days. Can your business cope or even survive a complete 3-week shutdown?
Ransomware payment demands for mid-sized Australian organisations are typically around $300,000 but can stretch into the millions. For organisations in sectors such as healthcare, government compliance requirements include mandatory reporting with the threat of hefty fines if protocols are broken1.
From an international survey conducted with 1,260 companies, 80% of victims who paid a ransom payment experienced a secondary attack soon after, and 46% obtained access to their data only to find most of it had been corrupted. So even when you think the nightmare is over, your organisation is still at the mercy of these sophisticated online criminals.
As seen during the pandemic with hybrid and remote employment options, increased digital collaboration provides a range of potential vulnerabilities that online hackers can exploit. A huge component of Spirit’s push into delivering modern digital workplaces to Australian businesses focuses on security. Backing up your organisation’s data in a safe and removed location is critical for any comprehensive cyber security strategy.
Our Workspace 365 Backup solution includes anti-ransomware components such as:
- Early event detection: This function uses machine learning algorithms to detect unusual or suspicious activities and potential ransomware attack events within users’ Microsoft OneDrive.
- Quick investigation: Ransomware attacks are serious security incidents that require an immediate response. IT and security teams need to perform incident investigations as soon as possible to better understand the impact and to formulate a remediation plan. Spirit Backup provides top-down reports to help admins quickly isolate the areas of concern and ascertain scope, which can help shorten the investigation and data restoration period.
- Rapid restoration from quality backup: The tools that underpin our Workplace 365 Backup service successfully protect hundreds of petabytes of data across the public and private sectors. When customers restore their data after an incident investigation, they can be confident that it is safe. In addition, our Backup service provides simple guidance about restoration time frames.
Online security requires constant vigilance. With greater digital connectivity comes a heightened risk of attack. By adopting our Workspace 365 Backup service, you can be sure that your data is being automatically saved to a secure, external location regularly throughout the working day. Helping you sleep better at night!
This process protects your business from a range of potential IT mishaps, including accidentally deleting data files or documents, hardware failures or losses, physical threats like fire or flood, and the ever-pervasive threat of malicious attacks such as ransomware. Simply backing up your data really does transform the level of digital security.
Don’t let cyber security become an afterthought for your organisation. For more information about how our Workspace 365 Backup solution can protect you, don’t hesitate to contact Spirit now.
References:2 81 Ransomware Statistics, Data, Trends and Facts for 2021 (varonis.com)
3 AvePoint Launches Ransomware Detection (globenewswire.com)