A new report focuses on an increase in cyber attacks and other disruptions during the coronavirus pandemic and the cost of these events.
Due to the corona virus, companies around the world had to quickly switch their workforce from the traditional workplace to the digital office. To ensure smooth business operations, many companies had to add numerous personal devices and third parties to their existing networks. Of course, this is associated with an increased risk associated with network vulnerabilities and breaches.
The stage is ripe for cyber security threats and other disruptions. Earlier this spring, the FBI reported that its cyber department received nearly 4,000 cyber security-related complaints a day. For comparison, the department received about 1,000 daily calls before the coronavirus pandemic.
Dell Technologies' Global Data Protection Index 2020 Snapshot takes a deeper look at the disruptions that affect businesses around the world. The survey uses insights from IT professionals around the world, both private and public organizations.
"Vulnerabilities can cause permanent damage to an organization if they are not resolved. Organizations need to become more resilient, such as implementing solutions with air gaps that are physically separated while protecting their data, as cybercriminals continue to use new ways to address disruption to cause." said Nelson Hsu, marketing director for data protection solutions at Dell Technologies.
Big data carries great risks and losses
On average, companies manage more than 13.50 petabytes of data, which, according to the Dell report, has been an astonishing 831% increase since 2016. With increasing amounts of data comes a great responsibility. Monitoring a mountain of data is a high-stakes game, and the costs associated with data loss can add up quickly. Dell estimates that data loss costs averaged $ 1 million last year.
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Disruptions are expensive
Disruptive events such as cyber attacks, data loss and system failures appear to be the main threat to a company's data, the report says. In 2019, 82% of organizations experienced a disruptive event, compared to 76% in 2018. Around 70% fear that their organization will experience a similar disorder next year. System downtime costs averaged over $ 810,000 in 2019, an increase of 54% over 2018.
Interestingly, using additional providers for data protection only increases the risk of cyber incidents. Companies that use more than one of these providers are twice as vulnerable to an incident that prevents them from accessing their data. Unfortunately, 80% of companies are now using data protection from at least two providers, an increase of 20% since 2016.
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The digital transformation increases the risks
More and more companies are using the latest technologies, ranging from artificial intelligence and machine learning to technical cloud infrastructure. While these applications offer expanded business opportunities, there are also risks to consider. Almost three out of four respondents felt that these new technologies make data protection more complex. Another 61% believe that these technologies pose a risk to current data protection efforts. The vast majority of respondents believed that "protecting data native applications is mandatory or extremely important for data protection providers."
"Data is the lifeblood of business and the key to digitally transforming a business," said Beth Phalen, president of Dell Technologies Data Protection. "At the beginning of the next decade of data, resilient, reliable, and modern data protection strategies are essential to help companies make smarter, faster decisions, and fight the impact of costly disruptions."
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