Ransomware is a global issue facing almost all organisations whose businesses depend on or leverage information technology, and organisations in Africa are no exception. In fact, businesses in growing emerging economies are often attractive targets because they do not have the legacy investment into data security solutions that more developed economies do.
While successful ransomware attacks are not always reported or publicised, many organisations have fallen victim in Nigeria, Ghana and other countries in the region, and a number of these businesses have been left with little option other than to pay the ransom in an effort to try and decrypt their data. However, even when paying the ransom, there is no guarantee that you will get all of your data back and be able to continue business as usual.
According to the Sophos report, the average ransomware pay-out in Nigeria was $706,000, while in South Africa this amount averaged at $634,000. The average cost for an organisation to rectify ransomware attacks in Nigeria was $3.43 million in 2021, compared to $460,000 in 2020, a remarkable 644% jump. For South Africa in 2021, the cost was $710,000.The importance of having effective and efficient data protection methodology and solutions cannot be over-emphasised.
To ensure recovery in the event of an attack, it is essential to have a proven backup and recovery solution that covers the length and breadth of your organisation’s data, and that offers frequent and regular backups that are validated and backed up to air-gapped and immutable storage. The reality is that your organisation will experience a ransomware attack at some point. When it does happen, do you have the capability to recover fully?
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