Retail Ransomware: 26% of ransomware attacks caused data loss, a quarter of companies paid ransom, but few test or update recovery plans
Arcserve, the world’s most experienced provider of backup, recovery, and immutable storage solutions for unified data resilience against ransomware and disasters, released a segment from its annual independent global research during Cybersecurity Awareness Month that highlights an urgent need for enhanced data resilience in the retail sector. The results reveal a lack of preparedness and confidence in data backup and recovery strategies, raising concerns about the industry’s readiness to protect sensitive customer and business data.
Key survey insights include:
- Ransomware Pressures: 54% of retail executives disclosed they were targeted by ransomware in the past 12 months; 26% of the attacks resulted in compromised data, and a quarter confirmed paying ransom.
- Recovery Confidence: 66% of retail executives surveyed were not very confident in their ability to recover all lost data in the event of a ransomware attack.
- Partial Data Recovery: Nearly half (42%) of retail executives admitted being unable to recover all data during their last significant data loss incident.
- Unprepared for disaster: 57% reported they lack well-documented or updated disaster recovery plans. The vast majority (72%) revealed that they do not have specific data resilience goals within their data and backup strategies.
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Aftab Alam, Chief Product Officer at Arcserve, states: “As we head into the Cybersecurity Awareness Month and the holiday shopping season that follows, retailers can’t afford to be caught off guard. Our latest research is more than a cautionary tale; it’s a call to action. Retailers must urgently overhaul their disaster recovery plans to match the ever-evolving cyber threat landscape. Data resilience isn’t a ‘nice-to-have’; it’s a non-negotiable business requirement with clear, measurable objectives. And don’t wait for a crisis to test your recovery protocols; make it a regular practice, akin to a fire drill. By taking these steps, retailers do more than protect their bottom line – they retain the trust of their customers.”
Arcserve recommends three immediate steps for retail organizations to be better prepared:
- Review and Update Disaster Recovery Plans: Assess the robustness of data recovery strategies and ensure they align with the evolving threat landscape.
- Invest in Data Resilience: Define specific data resilience goals within data and backup strategies to minimize potential losses.
- Test Recovery Procedures: The wrong time to test disaster recovery plans is during a crisis. Test them now to ensure seamless and orchestrated recovery when it matters most.
1,121 IT decision-makers completed the survey. All participants had a budget or technical decision-making responsibility for data management, data protection, and storage solutions at a company with 100 – 2,500 employees and at least 5 TB of data. The survey was fielded in Australia, New Zealand, Brazil, France, Germany, India, Japan, Korea, the United Kingdom, the United States, and Canada (North America).
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