Commvault Releases Findings from 2024 Cyber Recovery Readiness Report

Commvault, a provider of cyber resilience and data protection solutions for hybrid cloud organizations, has released key findings from its 2024 Cyber Recovery Readiness Report. The report, based on a global survey of 1,000 security and IT professionals across 11 countries, provides insights into the differences in behaviour and investments between organizations that have experienced cyber incidents and those that have not.

Increased Investment in Cyber Resilience Post-Breach

According to the report, organizations that have been breached are significantly more likely to reassess and invest in their cyber resilience and recovery strategies. The survey revealed that:

• Breached organizations spend nearly 30% more on cybersecurity measures compared to organizations that have not experienced a breach.
• They are almost 2.5 times more likely to prioritize understanding their data risk profiles, which help in identifying the types of data at risk and the associated levels of risk.
• Breached organizations also conduct more rigorous testing of their cyber recovery plans, with only 2% of breached organizations neglecting recovery plan testing, compared to 20% of non-breached organizations.
• Faster Recovery Times for Organizations with Comprehensive Plans

The report highlights the significant impact of these increased investments and focus on cyber resilience. Organizations that have experienced breaches and invested in comprehensive cyber recovery strategies recover 41% faster than their less-prepared counterparts. Specifically, breached organizations are 32% more likely to recover within 48 hours, while other organizations may face recovery times of three weeks or more.

Reduced Downtime and Cost Savings

The ability to recover quickly from a breach translates into reduced downtime and significant cost savings. Faster recovery times can help organizations avoid direct financial losses, maintain customer trust, and protect brand reputation.

The 2024 Cyber Recovery Readiness Report underscores the importance of proactive cyber resilience strategies. Organizations that have experienced breaches are more likely to make meaningful investments in their cybersecurity infrastructure, leading to faster recovery times and reduced risk of future incidents.

"We've all heard the expression hindsight is 20/20, and that could not be more applicable when it comes to the findings of this survey," said Brian Brockway, Chief Technology Officer at Commvault. "Our survey shows that the most resilient organizations are those that continuously test and refine their recovery strategies, learning from each incident to strengthen their defenses. It's this proactive mindset, rather than reactive spending, that makes the difference."

Cyber Recovery Readiness: A Preventive Approach to Mitigating Breach Costs

The 2024 Cyber Recovery Readiness Report emphasizes that proactive investment in cyber resilience is comparable to the concept of health insurance. Just as the cost of health insurance is often significantly lower than the potential expenses of medical emergencies, the costs associated with being breached—such as operational disruptions and regulatory fines—far surpass the expenses of implementing preventive cyber resilience measures. The report highlights the importance of investing in cyber recovery readiness to mitigate the financial and operational impact of potential breaches.

"The findings should be a call to action for all organizations, not just those that have been breached," said Chris Ray, Cybersecurity Analyst at GigaOm. "Cyber threats are constantly evolving, and so too must the strategies to counter them. It's about adopting a holistic approach to cyber resilience that integrates people, processes, and technology, ensuring readiness at every level."

Five Key Resiliency Markers Identified for Faster Cyberattack Recovery

The Commvault and GigaOm report identifies five critical capabilities, referred to as resiliency markers, that help companies recover more quickly from cyberattacks and experience fewer breaches. These resiliency markers were identified through a detailed analysis of survey data, examining factors such as breach frequency, the use of resilience technologies, and the speed of data recovery and return to normal operations. Companies deploying these markers together were found to have stronger cyber resilience compared to those that did not implement similar strategies.

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