A joint study with ESG Research highlights current challenges and opportunities for IT leaders: 82% have already paid a ransom, 88% say that keeping data longer is critical to generating business value.
Quantum Corporation has released new study data that reveals the challenges most organizations face when it comes to effective data management, storage and analysis. ESG Research surveyed several hundred international IT experts and department heads in autumn 2021.
Unstructured data is proliferating and continues to be essential to business growth. For seven out of ten management teams surveyed, data is at the heart of their growth strategy. However, the successful exploitation of this data is likely to depend on a number of new trends in the future. Changing data models lead to new challenges in data management. Data becomes more vulnerable to security threats such as ransomware attacks that can wreak havoc on a business.
The most important results at a glance:
Unstructured databases, complex storage environments and high costs mean that valuable data is not stored or is stored in an unsuitable way.
- For participants, unstructured data is undervalued and overly complex: 52% of C-level executives surveyed believe their organizations could make better use of existing data to generate business value. However, 38% also agree that the complexity and volume of data produced makes it difficult to identify potentially valuable data.
- Data quality and storage costs are the most common weaknesses of data management strategies: The quality of the data (42%) and the cost of storing it (38%) are the top two challenges in data management.
- Data storage has top priority: 78% of organizations do not retain data in primary storage for as long as they would like. 88% of respondents see longer retention of larger data sets as an opportunity to generate more business value. However, 80% also say that deciding what data to delete and when is complex and time-consuming.
- Deciding on data retention or erasure is complex: More than half of the companies surveyed (58%) were believed to have recently deleted valuable data. Privacy and compliance are the top reasons for data being removed before it can generate business value.
Uncontrolled data growth and hybrid cloud models increase vulnerability to security threats.
- Data is still distributed and mobile: 78% of surveyed organizations frequently move data between environments (cloud, on-prem, edge). The majority of organizations use a hybrid model, with most data stored in a public cloud and a smaller portion held on-premises.
- Uncontrolled growth complicates data management: 88% of respondents agree that distributed data assets make implementing an end-to-end data strategy more complicated.
- The migration of data becomes a security risk: 87% of survey respondents have concerns about securely moving data between environments. In addition, almost three out of four companies surveyed (74%) do not have a formalized data retention and destruction strategy. This makes environments easy targets for ransomware and cyberattacks.
Increasing cyber threats require new defense strategies.
- The number of ransomware attacks is increasing: Two in five respondents say their organizations have been victims of a ransomware attack in the last two years. 82% of affected companies paid the demanded ransom.
- Ransomware doesn’t just impact your budget: After a ransomware attack, companies paid an average of $375,000 in ransom. Aside from the financial loss, such attacks can also affect an organization’s productivity. The ransom is roughly equivalent to the cost of a 2.1-hour outage on a mission-critical workload.
- Security concerns are growing, but strategies are lacking: 87% of survey respondents say their management fears future ransomware attacks. Only 6% of the companies surveyed are able to recover their data via a backup solution with “air gap” protection.
- Cost-efficient data storage is a critical success factor: Longer storage periods can increase resilience and contribute to better data monetization. 65% of respondents think that with longer data retention their organizations would be better equipped to recover from a cyber attack.
Increasing security threats, data retention challenges, costs, uncontrolled data growth and cloud-based models, and the lack of appropriate defense strategies indicate an industry-wide need for comprehensive, cost-effective data management solutions.
“Our research for Quantum underscores the importance of a data management strategy for storing, archiving, retrieving and analyzing the company’s vast data assets,” said Scott Sinclair of ESG. “Without the right solutions and strategies, organizations are unable to fully realize the potential value of this data and are exposed to the enormous costs and risks of ransomware and other cyber threats.”