Although 92% of businesses have backed their data up, be it on-site, offsite or in the cloud, more than 1 in 4 (31%) businesses reported were unable to restore their data following a ransomware attack, according to At-Bay, Inc. The claims cost for businesses that fail to restore their data is $190,000 higher, on average, compared with organizations that successfully restore data. The ability to successfully restore data following a ransomware attack can reduce the overall cost of a cyber incident by as much as 41%, according to the insurance agency and surplus lines broker. Organizations that successfully restore their data are three times less likely to pay a ransom demand. "There aren't many security professionals who get excited about data backups and the different types of solutions that are available on the market," Rotem Iram, CEO and co-founder of At-Bay, said in a release. "But it turns out, some backup solutions are far more effective than others — and if a business chooses right, the likelihood of them paying a ransom could go down by as much as three times." Based on a review of its claims data, At-Bay found that cloud backup architecture offered the highest likelihood of successful data restoration. Companies using cloud backups had a recovery rate of 80%. The above slideshow offers more insights into how the different backup architectures stack up and provides some best practices to put in place when developing a strategy for backing up data. Related: |

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