The Data Security and Data Backup Disconnect
Cybersecurity is big business, reflecting the fact that many of today’s enterprise organizations value data security and invest in it accordingly. The cybersecurity market was valued at over $149 billion in 2019 and is projected to reach over $304 billion by 2027, growing at a CAGR of 9.4% from 2020 to 2027.
This huge size and predicted market growth is due, in large part, to the increasing intensity, frequency and sophistication of cyberattacks—particularly ransomware—over the last decade. Not only has this disturbing situation resulted in huge losses for businesses, but it has also revealed the reality that even governments and public infrastructure face similar dangers.
Ransomware is a particularly pernicious threat that could cost victims as much as $265 billion by 2031. The price tag is predicted to increase 30% every year over the next decade. This has caused businesses and government entities alike to channel more and more resources into data security, bolstering in-house expertise and infrastructure in this arena, sometimes to the detriment of other critical areas. While cybersecurity’s focus is most often directed at external bad actors, insider threats have become an additional concern that continues to escalate, causing significant loss across numerous industries as well as significant harm to national security interests.
Data Backup Blues
Just as with data security, the criticality of data backup remains unchallenged across today’s businesses and government agencies. Reports and Data forecasted that the global data backup and recovery market will reach nearly $20 billion by 2028. The cloud backup market was valued at $2.54 billion in 2019 and is projected to reach over $14 billion by 2027, growing at a CAGR of around 25% from 2020 to 2027.
The huge size and growth in the backup market is in part tied to cybercrime and internal threats, but there are additional factors, as well. Data loss frequently occurs from hard drive failures, human error and even remote device theft, the latter of which has become an increasingly common occurrence given the rise in IoT, edge computing and the world’s global work-from-anywhere paradigm accelerated by the COVID-19 pandemic.
As the amount of data generated continues to balloon exponentially, there has been a corresponding growth in cloud data backup, along with an ongoing search for the smartest, most efficient and most cost-effective means by which to manage, leverage and protect it—leading many to turn to the cloud for help in doing so. Industry experts vary a bit on the market size data, but there’s a notable discrepancy between the projected size of the cybersecurity market versus the data backup and recovery market combined with the cloud backup market. It’s particularly interesting given that most IT professionals agree that for any given organization, it’s no longer a question of if there will be a cybersecurity breach, but when. In fact, many believe ransomware has already infiltrated their systems, and it is just a matter of time before it wreaks havoc.
Better Together
While current data security and data backup strategy and solutions are working in parallel in terms of tools and services, enterprises should leverage these solutions in combination. Today’s savviest IT professionals view data security (traditionally associated with protection and detection) and backup (traditionally viewed as recovery) as two virtually equal and indispensable components of a bulletproof data and operations protection strategy.
Because there are more and more successful attacks, the ability to recover data has been taking center stage of late. Yet, when it comes to ensuring the protection and detection pieces of the puzzle, the right hand doesn’t always know what the left hand is doing.
While each is meticulous in their planning, investment and management of this piecemeal approach, what’s missing is that both of these departments remain essentially unaware of what the other is doing. Because of separation of duties, these organizations may find themselves facing enormous ransomware demands, operations disruption, legal fees, a rise in insurance premiums and regulation compliance fines and a long-term hit to customer confidence and declining future business. Perhaps the biggest problem is that companies with a siloed approach may find themselves facing unrecoverable data loss since even after the ransom is paid, data is often not returned or, if it is, it is returned in a fragmented fashion.
A Holistic Approach to Data
When you combine data security with data backup, you’re taking a holistic approach to data. This pairing allows you to build trust and reliable communication between the two teams, while also facilitating and ensuring accurate, timely communication between departments.
For the best execution of this dual-pronged strategy, the key is to build repeatable processes around communication, both electronic and verbal. It’s also important to maintain and share clear task and responsibility descriptions. By clearly outlining and agreeing to roles and expectations for data security and data backup, both teams are empowered to do better, more focused work, reducing confusion and redundancies that could lead to dropped balls and/or unnecessary expense.
The result of this holistic approach between data security and data backup is increased efficiency and effectiveness that enables integration of wider perspectives when brainstorming, problem-solving and developing new ideas on how to protect the organization. When businesses and governments are assured that, even in the event of a successful ransomware or other cyberattack, they can still recover their data and maintain operations, it builds reliability and confidence. It also saves money that the organization can channel into other critical areas, since fewer resources need to be dedicated on both sides because of the implementation of a seamless data security/data backup partnership.
