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  • 2 April 2020 17:08

World Backup Day: Veritas - If you don’t back up, you'll likely have to pay up

By Howard Fyffe, managing director, Australia & New Zealand, Veritas Technologies

As the global cost of ransomware continues to grow, this World Backup Day, Veritas is saying: ‘’If you don’t back up, you would likely have to pay up”. In 2019, Australian businesses suffered from more than AUD1 billion in costs due to ransomware attacks (https://blog.emsisoft.com/en/35583/report-the-cost-of-ransomware-in-2020-a-country-by-country-analysis/). According to Veritas, ransomware attacks are targeted to cost the global economy more than AUD10 trillion by 2021.

Ransomware attacks exist only because some businesses can’t survive unless the hackers give them back their data. So, the key to survival is removing that reliance and being able to regain access to data, without engaging with the cybercriminals. The best way to do that is with a sound backup strategy.

Organisations need to create isolated, offline backup copies of their data to keep it out of reach of any attackers. The 3-2-1 rule would be a good approach – Keep at least three copies of data, on at least two devices, with at least one copy offsite. They then need to proactively monitor and restrict backup credentials, while running backups frequently to reduce the risk of potential data loss. Businesses should also test and retest their ransomware defences regularly.

Ransomware strikes without warning and it doesn’t discriminate between its targets – it can happen to any organisation, large or small. Despite their best efforts, most companies do not know when they will fall victim to malicious attacks. What sets one victim from another apart is the ability to bounce back, which ultimately depends on its backup strategy.

When ransomware hits, organisations that aren’t prepared often feel helpless to do anything other than to submit to their attacker’s demands. The World Backup Day is yet another timely reminder to customers to get their data protected and stay ahead of the game – If you don’t back up, you would likely have to pay up.

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