Somebody, somewhere has their eyes on your data. But some of this data is not yours - it belongs to your customers. Rightly so, they expect you to protect it. You have a duty of care to safeguard and nurture their data. Fail in your duty to care for this data and it becomes vulnerable to hackers.
The Oxford Dictionary states ransom as “a sum of money demanded or paid for the release of a captive.” This captive could be your data. Whilst this is not a position you would wish to be in, you would be able to redeem your data through payment of a ransom. But, this is not the only thing that you need to consider. The damage may have already been done to your customer response times, computer networks and balance sheets. Could you redeem your reputation as a business as quickly as a Bitcoin transaction?
Latest analysis from Gartner warns that businesses are spending at least 20 per cent more than they need to on unnecessary data backup and storage. That’s a scary $10 billion wasted every year.
In Gartner’s view this is down to a number of issues, including a common failure for corporate backup policies to keep pace with a fast-changing data environment. Another is that many businesses misunderstand the purpose of backup. “Often, the problem is that companies mistake backup technology for data archiving,” says research vice-president, Dave Russell. “Backup is largely for operational recovery, not for long-term retention.”