Monday Morning Impact – July 8

Published On: July 7, 2024Categories: Buzz

Study: Ransomware Victims are Unable to Recover 43% of Affected Data

Ransomware remains an ongoing threat for organizations and is the largest single cause of IT outages and downtime as 41% of data is compromised during a cyberattack, according to the latest Veeam 2024 Ransomware Trends Report. The report also reveals that only 57% of the compromised data will be recovered, leaving organizations vulnerable to substantial data loss and negative business impact as a result.

“Ransomware is endemic, impacting 3 out of 4 organizations in 2023,” said Dave Russell, Senior Vice President and Head of Strategy at Veeam. “AI is now enabling the creation of smarter, more advanced security, but it’s also facilitating growth in the volume of sophistication of attacks.”

When a cyberattack strikes, 45% of respondents reported heightened pressure on IT and security teams. Additionally, 26% experienced a loss of productivity, while 25% encountered disruptions to internal or customer-related services. Forty-five percent of surveyed individuals cited increased workload post-attack, while 40% reported heightened stress levels and other personal challenges that are difficult to mitigate on ‘normal’ days.

Despite increased focus on cyber-preparedness, organizations still face a misalignment between their backup and cyber teams. For the third consecutive year, close to two-thirds (63%) of organizations find their backup and cyber teams lacking synchronization. Adding to the misalignment challenges in organizations, 61% of security professionals and 75% of backup admins believe that the teams need either ‘significant improvement’ or that a complete system overhaul is required.

For the third year in a row, the majority (81%) of organizations surveyed paid the ransom to end an attack and recover data. One in three of these organizations that paid the ransom still could not recover even after paying. Also, for the third year in a row, more organizations ‘paid, but could not recover’ than those organizations that ‘recovered without paying.’

Contrary to the belief that having cyber insurance increases the likelihood of ransom payments, Veeam’s research indicates otherwise. Despite only a minority of organizations possessing a policy to pay, 81% opted to do so. Interestingly, 65% paid with insurance and another 21% had insurance but chose to pay without making a claim. This implies that in 2023, 86% of organizations had insurance coverage that could have been utilized for a cyber event.

This research report is based on 1,200 survey responses from the IT leaders and implementers whose organizations suffered at least one cyberattack in 2023, each of whom serves as either a CISO, a security professional or backup administrator. The survey was completed in early 2024 and published in June 2024.

Channel Impact^®
These challenges, coupled with existing organizational struggles, further underscore the importance of effective cyber defense strategies.

Rich Hume Steps Down at TD Synnex; Zammit Steps In

TD Synnex has announced that CEO Rich Hume will retire effective September 1st but will remain on the company’s board of directors.

Hume joined what was then Tech Data in 2016 as COO, taking over as CEO in 2018. During his tenure, he has helped lead the company through a period of significant growth and transformation, including the acquisition of Avnet TS, taking the company private in partnership with Apollo Asset Management and the successful merger of Tech Data and Synnex.

The company further announced that Patrick Zammit will become the new Chief Executive Officer after having served as chief operating officer since the beginning of the year.

“It has been the greatest privilege of my professional career to serve as CEO of TD Synnex,” said Hume. “In this dynamic and ever-changing technology landscape, Patrick is the right leader to build on this foundation as we continue to deliver value to our customers and vendors across the ecosystem. Under his leadership, I am confident that TD Synnex will reach even greater heights.”

Zammit, who has served as the company’s chief operating officer since January 2024, has been instrumental in coordinating the company’s business strategy, driving profitable growth and accelerating the adoption of new, high-growth technologies around the globe. Zammit led the European region beginning in 2017, following Tech Data’s acquisition of Avnet Technology Solutions. His role expanded in 2021 to include responsibilities for the APJ region. His tenure at Avnet, which began in 1993, saw him in various management roles, culminating as Global President of the Technology Solutions division, where he served on its executive board. His earlier roles at Avnet included President of EMEA Electronic Marketing and European CFO.

“I am honored to succeed Rich and lead TD Synnex into its next chapter,” he said. “I look forward to building on the strong foundation we have established and driving forward our strategy and digitization roadmap to ensure we are constantly delivering the greatest value to our co-workers, partners, vendors, and shareholders.”

Channel Impact^®
The changing guard at TD Synnex is expected to maintain much of the company’s current direction.

Pax8 Unveils New SMB Marketplace Experience

Pax8 of Denver, Colorado has unveiled the new Pax8 Marketplace, geared for the small and medium-sized business space.

The new platform delivers two new major features: Opportunity Explorer, an intelligent growth solution that leverages AI and data to reveal actionable insights so managed service providers (MSPs) can identify sales opportunities and tailor recommendations; and Storefronts, which enable MSPs to create a branded buying experience for their customers who want a self-serve option.

“We are empowering our partners with the enterprise-grade tools they need to thrive, because we understand their business and technology pain points,” said Libby McIlhany, Pax8 Chief Product Officer. “With the launch of the new Pax8 Marketplace, partners can gain unprecedented AI-driven insights into their product portfolio’s alignment with customer needs, allowing them to craft solutions that unleash extraordinary growth and also deliver top-notch security.”

Features and functionality include a searchable catalogue, simultaneous access to multiple shopping carts, and a simplified quote-to-contract process so MSPs can instantly view the status of each quote, brand and customize quote templates, create new quotes with ease, and share and publish quotes. Partners can also architect a solutions library using products they know align with their customers’ needs, so they can build once and easily re-sell again.

The new Pax8 Marketplace is available to North American and EMEA and APAC partners.

Channel Impact^®
The new marketplace is intended to deliver AI-enabled commerce capabilities to drive growth and security for Pax8’s network of more than 30,000 MSPs. The company hopes to help partners better understand their SMB customers and unlock new opportunities for growth, delivering game-changing insights driven by their own data.

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