Rethink File Data Management to Fight Ransomware's $275B Threat
Organizations worldwide are facing a growing threat from ransomware, with predicted annual costs reaching a staggering USD275 billion by 2031. A strategic rethinking of file data management can significantly reduce this risk while securing organizations' data and trust. One such strategy involves five key steps, including identifying and classifying common cold data, offloading cold files, and storing tiered files in immutable object storage.
The challenge lies in managing and defending unstructured file data, which is vast, sprawling, and constantly changing. This data is often overlooked in traditional data protection strategies, making it a vulnerable target for ransomware. Once infected, a single file can compromise an entire enterprise network. However, innovative solutions are emerging to tackle this issue. For instance, law firm Vinson & Elkins implemented an intelligent file data management strategy using the Varonis Data Classification Engine. This AI-driven platform analyzed and classified millions of files, enabling the firm to isolate and protect critical data more effectively.
The results were twofold: firstly, the firm saved USD900,000 by reducing other security expenditures. Secondly, the automated classification and protection process significantly strengthened the firm's ransomware defense, allowing it to identify and isolate potentially dangerous files much faster than manual processes. This approach demonstrates the potential of AI and data classification in combating ransomware and reducing security costs in the legal sector.
In conclusion, rethinking file data management strategies can play a pivotal role in mitigating ransomware risks and securing organizations' data. By implementing steps such as identifying common cold data, offloading cold files, and storing files in immutable object storage, organizations can protect their data and reduce costs. Moreover, innovative solutions like AI-driven data classification can further enhance security and reduce costs, as demonstrated by the success of Vinson & Elkins.
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