Cybersecurity Spending Takes a Sharp Turn In 2024

With data breaches and cyber-attacks becoming increasingly common, a recent survey by Veeam Software has shed light on companies’ growing concerns and responses globally. The survey, part of the company’s fifth annual Veeam Data Protection Trends Report, reveals a sobering reality: while companies are ramping up their investments in cybersecurity, confidence in their ability to recover from an attack remains low.

Dave Russell, vice president of enterprise strategy at Veeam Software, underscores the gravity of the situation, stating, “Ransomware continues to be the biggest threat to business continuity. It’s the number one cause of outages today and protecting against it is hampering digital transformation efforts.” This statement captures the report's essence, highlighting the critical balance between advancing technology and ensuring security.

The report found that 92% of organizations plan to increase their data protection spend in 2024. This decision comes amidst a backdrop of heightened fear, as IT leaders feel less secure about their capabilities to restore and recover mission-critical data. Cyberattacks, particularly ransomware, have been pinpointed as the leading cause of these outages.

Interestingly, the survey reveals a dichotomy in the current cybersecurity landscape. While there is a unanimous agreement on the importance of data protection, only a minority of companies believe they can rebound quickly from even a minor cyber incident. Less than a third of surveyed organizations are confident in recovering swiftly from a small-scale attack.

Another critical finding of the report is the increasing use of containers in enterprise settings. Although 59% of enterprises are running containers in production, only 25% use backup solutions specifically designed for these containers. This gap highlights a potential vulnerability that could be catastrophic in crises.

Additionally, the survey emphasizes the need for companies to rethink their backup strategies, especially those still dependent on older, datacenter-centric solutions. As enterprises increasingly adopt hybrid production architectures and cloud-native offerings, the demand for reliable and versatile backup solutions that safeguard diverse workloads, including those in IaaS and SaaS platforms, becomes more pressing.

The Veeam Data Protection Trends Report 2024 offers a critical data protection and cybersecurity perspective. It underscores the urgent need for companies to increase their investment in cybersecurity and adapt and upgrade their strategies to counter the evolving nature of cyber threats effectively. 

Image credit: iStockphoto/Michael Hausmann