CXO Research: 89% of organisations falling short on data protection, while budgets rise to tackle mounting cyber security challenges

The Veeam Data Protection Trends Report 2022 has revealed that 67% of businesses are turning to cloud-based solutions to protect their data, while the ability to recover data from ransomware attacks continue to drive business continuity strategies.

The disconnect between business expectations and IT’s ability to deliver has never been more impactful, according to the Veeam Data Protection Trends Report 2022, which found that 89% of organisations are not protecting data sufficiently. Veeam Software, a provider of backup, recovery and data management solutions that deliver modern data protection, found that 88% of IT leaders expect data protection budgets to rise at a higher rate than broader IT spending as data becomes more critical to business success and the challenges of protecting it grow in complexity. More than two-thirds are turning to cloud-based services to protect essential data.

The Veeam Data Protection Trends Report 2022 surveyed more than 3,000 IT decision makers and global enterprises to understand their data protection strategies for the next 12 months and beyond. The largest of its kind, this study examines how organisations are preparing for the IT challenges they face, including huge growth in use of cloud services and cloud-native infrastructure, as well as the expanding cyberattack landscape and the steps they are taking to implement a modern data protection strategy that ensures Business Continuity.

“Data growth over the past two years [since the pandemic] has more than doubled, in no small part to how we have embraced remote working and cloud-based services and so forth,” said Anand Eswaran, Chief Executive Officer, Veeam. “As data volumes have exploded, so too have the risks associated with data protection; ransomware being a prime example. This research shows that organisations recognise these challenges and are investing heavily, often due to having fallen short in delivering the protection users need. Businesses are losing ground as modernisation of ‘production’ platforms is outpacing their modernisation of ‘protection’ methods and strategies. Data volumes and platform diversity will continue to rise, and the cyberthreat landscape will expand. So, CXOs must invest in a strategy that plugs the gaps they already have and keeps pace with rising data protection demands.”