Customers are spending on cyber resilience: Commvault CEO

The Biden administration hosted an event called the Counter Ransomware Initiative Summit Tuesday, convening representatives from over 40 countries and multiple businesses. The event was held in hopes of identifying cyber security threats and learning how to tackle them. Commvault CEO and President Sanjay Mirchandani (CVLT) joins Yahoo Finance to discuss the event, what he's heard from his clients, and to break down evolving AI cyber security threats.

Mirchandani discusses how his customers view cyber threats, telling Yahoo Finance Live that in a recent survey the company conducted with IDC, "about 30%+ of CEOs are actively involved in being ready for a cyber attack and over 60% of the respondents actually felt that they would get breached in some way in the next 12 months, so this is real."

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Video Transcript

JULIE HYMAN: I think the White House convening this group today, you know, illustrates the difficulty and the urgency of trying to fight some of these threats. What are you hearing from your clients right now as you try to catch these threats before they can infiltrate these companies?

SANJAY MIRCHANDANI: Sure. So firstly, thank you for having me. Data has never been more valuable to companies and also more vulnerable, and the bad actors want the data. And so what we do is really help customers protect their data and give their business the resilience it needs in the event of an attack.

So we're seeing a lot of conversations. I mean, I can go meet a customer without talking about ransomware, ransomware strategies at the board level, at the CEO level because this is becoming-- it can be catastrophic for businesses.

JOSH LIPTON: And Sanjay, it's a time of a lot of uncertainty right now, economic uncertainty, geopolitical uncertainty. What are you seeing in terms of customer spending patterns?

SANJAY MIRCHANDANI: We're seeing customers really looking at cyber resilience as a key area because at the end of the day, you know how to manage a supply chain, you know how to manage things that you've dealt with. But a lot of companies don't know how to deal with cyber threats.

And we just did-- we just did a survey with IDC, where it came through over 500 customers, that about 30 plus percent of CEOs are actively involved in being ready for a cyber attack. And over 60% of the respondents actually felt that they would get breached in some way in the next 12 months. So this is real.

And, you know, and the bad actors have tools like AI and other tools to do the things they do. So we have to always stay one step ahead with our customers. Our customers are spending on areas like cyber resilience.

JULIE HYMAN: What's the most important thing in detecting these threats before they get in as you see it in terms of these companies sort of being attacked? What's the most important thing your clients need to know or companies generally need to know?

SANJAY MIRCHANDANI: So there are several frameworks and life cycles as to how to think about this, from identifying the threat, to getting ready for the threat, to be able to recover from the threat, and everything in between. And, you know, so the most important thing is really-- for today, it's not so much about just defending or just recovering. It's about resilience, making sure your business can come back to life in the event that something does happen.

And, you know, my advice to boards, to CEOs, to CIOs is assume that you're going to get breached. And if you do get breached, how resilient is your business and how well can you recover. And that's our focus, really giving business businesses the continuity to be able to come back and recover in a safe and predictable way.