Cyber Resilience Proves Valuable: New Data Shows Increased Spending and Efforts by Breached Organizations

Commvault’s Latest Research Highlights the Financial Benefits of Proactive Cyber Recovery Investments

India – September 11, 2024 – Commvault, a leading provider of cyber resilience and data protection solutions for hybrid cloud environments, has unveiled new insights from its 2024 Cyber Recovery Readiness Report. This global survey, which gathered responses from 1,000 security and IT professionals across 11 countries, sheds light on how organizations that have experienced breaches behave differently compared to those that haven’t.

Conducted in partnership with GigaOm, the Commvault survey reveals that organizations with past cyber incidents are more likely to reassess and enhance their cyber resilience and recovery strategies. Key findings from the survey include:

– Increased Cyber Resilience Investment: Organizations that have faced breaches spend nearly 30% more on cybersecurity compared to those that have not.
– Greater Focus on Data Risk Profiles: Organizations that have been breached are approximately 2.5 times more likely to prioritize understanding their data risk profiles.
– Enhanced Cyber Readiness Testing: Breached organizations place more emphasis on testing their recovery plans. While 20% of organizations that have not been breached do not test their plans, this figure drops to just 2% for those that have experienced breaches.

The survey highlights that these increased investments and focus on cyber resilience lead to substantial benefits. Organizations with robust cyber recovery plans recover 41% faster from breaches compared to less-prepared organizations. Additionally, breached companies are 32% more likely to recover within 48 hours, a significant improvement over the recovery times of up to three weeks reported by other respondents. This quicker recovery not only reduces downtime but also helps in mitigating financial losses and maintaining customer trust and brand reputation.

Brian Brockway, Chief Technology Officer at Commvault, commented, “The findings of this survey demonstrate that proactive strategies and continuous testing of recovery plans lead to greater resilience. It’s this proactive approach, rather than reactive spending, that makes a significant difference.”

Similar to health insurance, where the cost of coverage often surpasses potential emergency expenses, investing in cyber recovery readiness can prevent higher costs associated with breaches, including operational disruptions and regulatory fines.

Chris Ray, Cybersecurity Analyst at GigaOm, added, “The findings should prompt all organizations to act, not just those that have experienced breaches. As cyber threats evolve, so must the strategies to combat them. Adopting a comprehensive approach to cyber resilience that integrates people, processes, and technology is essential.”

Commvault and GigaOm have also identified five key capabilities, known as resiliency markers, that significantly aid in faster recovery from cyberattacks and fewer breaches. These markers emerged from an analysis of survey data covering breach frequency, resilience technologies used, and recovery speed. For more information on these resiliency markers, click here.

Additional Information:
– Access the full Cyber Recovery Readiness Report
– Join the “Business Uninterrupted: Readiness Strategies from the Trenches of a Breach” webinar on September 18, 2024, at 1:00 pm ET

Methodology: This study, conducted by Commvault and GigaOm in April 2024, surveyed 1,000 respondents across 11 countries to gauge their views on cyber readiness. Respondents were from companies with annual revenues of at least $10 million, with the majority earning $500 million or more. The survey included board-level executives, senior management, and mid- or junior-level management. The participating countries were Australia, Canada, France, Germany, Italy, Japan, Netherlands, Spain, Sweden, United Kingdom, and United States.