Today, at Egnyte's Exchange Global Summit, the company announced new offerings that will enable companies of all sizes to defend against the increasing spectrum of ransomware attacks. These solutions add to Egnyte's growing list of security and governance capabilities that equip companies of all sizes to manage the multitude of data risks associated with their digital content.

Ransomware attacks, which prey on companies' digital files, have been increasing in scale, sophistication, and frequency since the start of the COVID-19 pandemic. And, according to Egnyte's latest Data Governance Trends Report, mid-sized businesses with 100 to 1,000 employees are struggling with ransomware the most: 66% of them reported being underprepared for an attack, as compared to 31% of larger enterprises (1,000+ employees).

"The combination of remote work scenarios, rogue cryptocurrency exchanges, and the growing sophistication of ransomware gangs have unleashed a perfect storm for ransomware threats that is wreaking havoc on small- and mid-sized businesses," said Rajesh Ram, Co-Founder and Chief Experience Officer of Egnyte. "In this new environment, standalone file storage solutions are a dangerous lightning rod. That's why Egnyte is now making ransomware protection standard with every one of its platform plan offerings starting today."

Egnyte's Ransomware Protection solution can detect more than 2,000 ransomware signatures, block attacks immediately, and automatically alert admins of the infected endpoint. New signatures are crowdsourced daily, ensuring the most up-to-date protections are available. Previously reserved only for Enterprise plan customers, Ransomware Protection is now also part of Egnyte's entry-level Business Plan (which starts at only $20 per user per month).

Additionally, because no ransomware prevention method can prevent every possible attack, Egnyte is also announcing the addition of a Ransomware Recovery solution as part of its Enterprise package. The recovery capability allows customers to "look back" at previous file snapshots to determine at which point ransomware infected a file and restore data to that point with a single click.

"Even if you don't pay the ransom, the typical attack costs companies 21 days of downtime while you seek to isolate the infected files, determine the type of attack, and ultimately recover your content," said Kris Lahiri, Co-Founder and Chief Security Officer, Egnyte. "Egnyte's snapshot-based recovery means you can recover in a matter of hours, not weeks, and avoid the significant reputational and financial losses often associated with longer recovery times."

"The digitally-enabled workforce has fundamentally changed how we manage and secure content," said Holly Muscolino, Research Vice President, Content Strategies and the Future of Work, IDC. "Organizations may need more from vendors, including ransomware protection, integrations to third-party repositories, both on-premises and in the cloud, for unified data management, as well as ways to share confidential information securely without the fear of data leakage or manipulation. Egnyte's new product enhancements position them as a top choice for organizations with multicloud environments and a decentralized workforce."

These platform enhancements were among several product announcements made today at the Egnyte Exchange Global Summit during the opening keynote session.