Code42 Data Exposure Report: A must-read for security and business decision-makers

Data Exposure – Stockpiling Cryptocurrency? Save Your Money.

For years, organizations have heard the drumbeat of building digital security perimeters to protect their data. And to the best of their ability, they’ve listened to the experts, followed best practices and spent billions on strategies to prevent data losses and breaches.

Unfortunately, that strategy is no longer working and companies know it. In an increasingly complex digital threat landscape, cybercriminals are constantly evolving, waging successful ransomware attacks even on organizations that have well-established breach-prevention profiles. Our recently released Data Exposure Report, which surveyed nearly 1,700 security, IT and business leaders across the U.S., U.K. and Germany, tells this story in stark relief.

Playing defense in an unpredictable threat landscape

I wasn’t surprised to read in the report that 64 percent of CISOs believe their company will have a breach in the next 12 months that will go public. Furthermore, 61 percent say their company has already been breached in the last 18 months. What is surprising to me is the narrow window of time in which these breaches are happening, demonstrating the increasing severity of the threat.

Even more concerning is the growing number of companies that are reacting to ransomware by purchasing cryptocurrency. Nearly three-quarters of the CISOs we surveyed admitted to stockpiling or having stockpiled cryptocurrency in the last 12 months to pay off cybercriminals. Worse yet, 79 percent of them have actually paid ransoms to regain access to their corporate data.

“ Nearly three-quarters of the CISOs we surveyed admitted to stockpiling or having stockpiled cryptocurrency in the last 12 months to pay off cybercriminals. ”

Get hit, get back up

Security and IT leaders estimate that 39 percent of their organization’s data is only held on endpoint devices — making it more difficult to track. As we discussed in our previous blog, “The Risks of Playing Data Hide-and-Seek,” this lack of visibility over endpoint-only data puts valuable company IP at risk — and updating a company security policy will not change the outcome because some employees simply don’t follow the rules.

In business, time is money. This is especially true in the seconds, minutes, days and weeks after a security breach. Yet according to about one-third of security and IT leaders, it would take up to one week to enact their recovery plan.

There is another way

While companies might think that they have no choice but to pay cybercriminals, they do actually have other options. And the overwhelming majority of CISOs agree. Nearly three-quarters (72 percent) reported that their company must improve its breach recovery ability in the next 12 months. And 75 percent stated that their company needs to shift the focus away from prevention-only security to a prevention-and-recovery strategy.

So what does that mean?

Recovery and prevention

From an IT perspective, prevention is only a single facet of a robust security approach. Possessing the capability to find out how a breach occurred — then being able to recover in real time — is the ultimate definition of resilience. With a comprehensive data recovery tool that includes visibility and recovery for endpoints, companies wouldn’t have to a pay a ransom to regain access to their data. They would simply restore their data using their recovery solution.

Code42 can help organizations regain control post-breach. To find out more, click here.

In case you missed them, get the full Code42 Data Exposure Report blog series: