The stock market showed Commvault Systems, Inc. (NASDAQ: CVLT) resiliency when fresh cybersecurity research was released. The shares of CVLT had a little uptick on the most recent trading day, ending at $143.39, or less than 1% higher.
Commvault concluded cyber recovery readiness report
The most recent information is derived from Commvault’s 2024 Cyber Recovery Readiness Report, an extensive worldwide study carried out in collaboration with GigaOm. The study, which polled 1,000 IT and security experts in 11 countries, found notable behavioral variations between the firms that have and have not had cyberattacks.
The results indicate that businesses that have experienced cyber events in the past are noticeably more aggressive in improving their cyber resilience and recovery plans.
Investing in resilience and cybersecurity
The survey states that compared to their non-breached counterparts, firms that have experienced a breach are prepared to invest about thirty percent more on cybersecurity measures. Additionally, these companies are 2.5 times more likely to place a high priority on figuring out their data risk profiles, which will help them determine the different kinds of data and their proportional risks.
Moreover, breached companies are more diligent in testing their cyber preparedness, with a mere 2% neglecting recovery plan tests, as opposed to 20% of non-breached organizations.
Faster Recovery and Reduced Downtime
The investment in robust cyber recovery plans pays off significantly. The survey indicates that breached organizations recover 41% faster than those less prepared. Specifically, these companies are 32% more likely to recover within 48 hours, contrasting starkly with the weeks-long recovery times reported by other organizations.
This expedited recovery not only minimizes financial losses but also helps in maintaining customer trust and brand reputation.
CVLT urged the Preventive Method for Cybersecurity
Similar to the preventative advantages of health insurance, the paper highlights the need of taking a proactive approach to cyber resilience. The results demonstrate that preemptive cyber resilience measures come at a significantly lower cost than the consequences of a breach, which include operational interruptions and fines from the authorities.
Additionally, Commvault and GigaOm identified five key resiliency markers that, when implemented together, enable organizations to recover faster and reduce the frequency of breaches, underscoring the value of continuous testing and strategy refinement in cybersecurity preparedness.
