Data Backup

Ransomware and Your Data: Why Offsite Backups are Crucial in 2024

February 21, 2024

Introduction

In 2024, ransomware remains one of the biggest cybersecurity threats to businesses and individuals. As more personal and professional data is stored digitally, the impact of ransomware continues to grow. Having a comprehensive offsite backup solution in place is absolutely vital for protecting against ransomware in the modern era.

In this article, I will provide an in-depth look at ransomware and why offsite backups are so crucial:

What is Ransomware?

Ransomware is a form of malicious software (malware) that encrypts data on infected devices and demands payment in exchange for decryption. The earliest ransomware attacks date back to the late 1980s, but the threat has grown exponentially in recent years.

Some key things to know about ransomware:

Encryption – Modern ransomware uses advanced encryption algorithms to lock files, making it extremely difficult to recover data without the decryption key.
Demands Payment – Ransomware displays messages demanding payment, typically in cryptocurrency, in exchange for the decryption key. Amounts can range from a few hundred to millions of dollars.
Variants – Many different ransomware variants exist, such as Ryuk, Conti, LockBit, and REvil. New strains are constantly emerging.
Delivery Vectors – Phishing emails, compromised sites, and malware drive-by downloads are common ransomware delivery methods.
Targets – All individuals and organizations are potential targets. Healthcare, government, education and businesses have been impacted.

Ransomware is big business for cybercriminals. The average ransom payment climbed to over $100,000 in 2020, up 171% from 2019.

The Rising Impact of Ransomware

The impact of ransomware attacks has grown steadily over the years:

Costs – Direct ransom demands are astronomical. Downtime and recovery costs also run into the millions.
Data Loss – Many victims suffer permanent data loss, even after paying ransom. In 2021, 23% of businesses hit by ransomware suffered data loss.
Reputational Harm – High profile incidents damage brand reputation and customer trust.
Service Disruption – Ransomware often cripples business operations and public services like healthcare facilities and schools.

Some examples of major ransomware events:

The 2021 Colonial Pipeline attack led to fuel shortages across the Eastern U.S.
An attack forced global meat producer JBS Foods to shut down plants impacting food supply chains.
Multiple hospitals have been impacted, in some cases diverting ambulances and delaying treatments.

Ransomware is now a national security risk and the number of attacks continues to climb. The White House believes ransomware will be a primary cyber threat for years to come.

Why Offsite Backups are Absolutely Crucial

With the severe and growing impact of ransomware, having isolated offsite backups is an absolute necessity for mitigating risk in 2024.

Offsite backups refer to copies of data stored securely outside the main office or facility, typically in a remote data center or cloud storage. This isolates backups from the network where ransomware would spread.

Here’s why offsite backups are so important:

Recovery Without Paying Ransom – Offsite backups allow you to restore data without paying ransom, avoiding costs and rewarding criminals.
Isolated Copy – Backups stored offsite provide an isolated, clean copy outside the reach of network-based ransomware.
Compliance – Regulations like HIPAA require the ability to fully recover and restore data in the event of malicious encryption.
Minimizes Downtime – Quickly restoring from backups minimizes business disruption.
Insurance Requirement – Cyber insurance carriers now require offsite backups for coverage.

Offsite backups should be:

Comprehensive – All critical systems and data should be backed up, including email, databases, file storage, ERP systems, etc.
Encrypted – Backups should be encrypted end-to-end to protect against unauthorized access.
Remote – Physical separation from the primary site is required. Geographic distance provides further isolation.
Automated – Schedule regular backups to occur automatically.
Tested – Validate backups by performing test restores on a regular basis.

The Bottom Line

Ransomware remains a serious threat, especially to businesses and organizations. Having isolated, comprehensive offsite backups in place is the most effective way to minimize business disruption, avoid costs, prevent data loss, and fully recover when ransomware strikes.

The backup solutions outlined above can provide the protection you need. Taking action now is crucial to defend your data from the ransomware threat in 2024 and beyond. Reach out for help implementing the right offsite backup or disaster recovery approach for your organization.