Dell Technologies’ latest Global Data Protection Index (GDPI) paints a concerning picture: cyberattacks are rising, multicloud data protection remains a puzzle, and the data deluge from generative AI is on the horizon.
Concerning cyber liability insurance, the report notes: “Despite ransomware insurance policies being commonplace, they come heavily caveated, leaving organizations financially vulnerable.”
Findings in the chart below:
- 57% “My organization must prove ‘best practice’ cyberthreat prevention activity.”
- 43% “The policy has a limit on how much they will pay for a claim.”
- 40% “There are particular scenarios which would make the policy void.”
- 40% “The policy will not pay out as payment to some entities may be restricted by law.”
The chart below examines the cost even when ransomware or cyber liability insurance coverage is in place.
Other Key Findings:
Cyberattacks Bite: 57% of Asia Pacific and Japan organizations reported data-breaching cyberattacks in the past year, the highest in five years. The average cost? A staggering $1.4 million.
Ransomware Worries: 76% fear their defenses are no match for ransomware, and 66% lack confidence in post-attack recovery. Yet, most prioritize prevention over recovery, a risky imbalance.
Remote Work Woes: 83% believe remote work has increased data loss risk, a sentiment up from 76% pre-pandemic.
Insurance Limitations: While 95% have ransomware insurance, limitations abound. Nearly 60% require proof of cyber hygiene, and 43% have scenarios voiding coverage.
Proactive Measures: Organizations are fighting back. 50% hire cyber pros, 52% conduct regular recovery tests, and 42% deploy isolated cyber vaults.
Generative AI’s Data Dilemma: 46% see AI as a cyber defense advantage, but 89% worry about the massive, valuable data it will generate, complicating future protection strategies.
Multicloud Muddle: While preferred, multicloud data protection remains a challenge. 76% lack confidence in protecting data across all clouds, and 39% cite public cloud security concerns.
The Takeaway: Data protection is crucial in today’s hybrid, AI-infused, multicloud world. As cyberattacks escalate and data complexities grow, organizations must stay the course, fortifying defenses and adapting strategies to secure their digital assets.
The Global Data Protection Index surveyed 1,500 IT and IT security decision-makers from a wide range of public and private industries across the globe in September and October 2023.
Source: Dell Technologies Global Data Protection Index.
Other News: Cyber Insurance Market is expected to grow at a CAGR of 23.5% – Report(Opens in a new browser tab)