In this blog post, we take a closer look at the three main ways we think the BaaS landscape will evolve, and reveal the steps you can take to stay ahead.
As the world shifts toward more cloud-based solutions, forecasters project that cloud technology will be worth $864 billion by 2025, with an average annual growth rate of 12.8%. Backups and disaster recovery are included within these cloud technologies, but are expected to develop to a $9.272 billion USD market by 2028 on their own.
A cloud backup can protect against data loss caused by device failure by sending and storing data on a remote server. With the rise of remote and hybrid working, the anticipated growth in cloud-based backup solutions could be attributed to being able to access data from anywhere in the world. Cloud backups’ flexibility and scalability are particularly advantageous to organisations that seek the most cost-effective option, as you can operate your cloud backup on a ‘pay as you go’ basis. The expected increase in cloud-based backup can also be linked to changing security certifications, such as Cyber Essentials, particularly with the need for multi-factor authentication, encryption and automation.
Cyberattack sophistication is always growing, with criminals constantly looking for new ways to take down businesses and gain access to sensitive information. Targeting data stored in backups is a current trend for ransomware due to its devastating effects and high success rate, and this threat is anticipated to only grow stronger. According to a Veeam study in 2023, 93% of the cyber attacks studied targeted backups, with 75% of cases successfully eliminating their targets’ ability to recover. As a result, approximately 80% of those attacked ended up paying the ransom in an attempt to restore their lost data, though 21% received no data back despite paying.
To avoid a backup-targeted ransomware attack, we recommend maintaining immutable copies of your data and testing backups on a regular basis to evaluate how quickly and successfully you can recover data. We also advise leveraging air gaps as a good preventive precaution, which entails isolating networks or devices from developing an external connection. This ensures that if one device becomes contaminated, the air gap will help to prevent the virus from spreading.
In 2022, a study of IT priorities revealed that 80% of respondents ranked data backup and recovery as their top priority for the coming year. This forecast came true with an increase in demand for BaaS solutions, notably immutable backups. While the necessity for immutable backup solutions is projected to grow in popularity as a result of advances in cyberattacks and changes to compliance regulations, it can be challenging for businesses to implement this themselves. As a result, an increasing number of organisations are turning to reliable and experienced providers as an attractive alternative.
Businesses benefit from outsourcing immutable backups in a variety of ways, including the ability to access specialised skill sets and expert support as needed. Rapid implementation and a lack of overhead costs additionally saves time and money, allowing you to boost data security without breaking the bank. Fundamentally, outsourcing immutable backups to a trustworthy partner ensures that your data is preserved in a safe and professional manner, with no misconfigurations, freeing up your internal teams to focus on other elements of the business, and better utilise their expertise and resources.
LIMA are specialists in cloud services, with our technical experts consistently delivering optimal solutions for a wealth of businesses. Our transparent and reliable procedures ensure that you obtain the flexibility you want from your cloud services while keeping effective financial control.
Backup as a Service from LIMA can help you increase recovery time in the event of a disaster, discover the benefits of OPEX pricing models, stay on top of complicated regulatory compliance needs, and allow you the freedom to push the boundaries.