> Because if it does then what, companies were not using cold storage backups before?

What I observed in the rising cybersecurity attacks happening around me:

(i) There are organizations thinking that they have [complete] backups and being aware they don't once the cyberattack if effective.

(ii) Even in organizations with complete backups they don't have a [good] process to recover them, and the operations suffered a lot.

Corollary: backups are, in general, not battle tested.