The latest data reveals that around two-thirds of U.S. enterprises are facing security threats on a weekly basis.
The 2022 Mid-year Outlook State of Protective Intelligence Report, commissioned by ‘the Ontic Center for Protective Intelligence’ included 400 enterprises in the analysis. The participants were c-level risk management leaders working on physical security and cyber security along with I.T.
Around 66 percent of the participants had confirmed that there had been at least one cyber incident at least in a week in 2022.
Enterprise security has been in a pathetic state in recent times. The pandemic has been the most fundamental cause of the recent surge in cyber security incidents. However, a range of other factors has also been contributing aspects.
There have been persistent economic, social, and political issues. But, of course, the war in Ukraine will be the most obvious reason. Besides, the work-from-culture has halted, and most enterprises have begun recalling their employees to the office.
All these factors have successfully contributed to the current surge in security breaches. In this scenario, the most critical question is what measures are being undertaken to mitigate the effects of cyber security. Also, are enterprises well-equipped to deal with the crisis?
For the second question, the obvious answer may be ‘no.’ In other words, despite the surge in business threats, not all enterprises are well-equipped to handle the I.T. threats adequately.
With cyber threats rising and the generalized cost of attack being in the millions, protecting against critical concerns such as ransomware and data breaches will significantly benefit any enterprise.
Small enterprises are less likely to be safe from cyber threats. However, the number of cyber threats is comparatively lesser for small enterprises than for more significant enterprises. Statistics say that around 83 % of large enterprises consider security as the biggest issue and a significant threat to business growth and development. However, less than 45% of firms are convinced that cyber security features are among the top 3 technology budget priorities to make investments.
It is time enterprises reconsider their approach towards cyber attacks and consider it one of the top 3 priorities to make enough investments. However, the recent trends unfold a promising future. According to the latest data, as compared to 2021, the year 2022 is more likely to witness further improvements in investments toward preventing security threats.
Although the current trends indicate more investment in cyber security in the upcoming years, it wouldn’t be possible to give affirmative statements about the future of cyber security investments. However, what is certain is that the entire business world is witnessing a multi-faceted approach to mitigating cyber attacks. According to some industry observers, investments towards ensuring cyber security are all set to continue slowly and steadily.
“It’s easy to spend when the economic climate is one of growth, but with recession forecasts for 2023 [there will be] a deteriorating economic environment. I’d be surprised if this trend carries on into next year. It’s a healthy budget state today but I’m worried about tomorrow.” informs Tom Kartanowicz, regional CISO, Americas, Commerzbank AG, a global banking enterprise.
Also, medium enterprises will likely experience more long-lasting impacts than giant enterprises. Finally, a significant hurdle to precise data on security breaches is that not all cyber crimes are reported and made public.
An enterprise can’t ignore the obvious fact that today’s hackers are much more evolved than their earlier counterparts. They are developing innovative technologies to launch various attacks that vary in severity.
As a typical example, hackers continue to show increased reliance on technologies like A.I., machine learning, etc. Accordingly, I.T. experts also have to evolve and what they should aim for is a multi-faceted approach to preventing cyber-attacks.
In short, it would be correct to say that cyber threats are rising, and the trend will continue in the coming years. However, surprisingly, not all organizations are well-equipped to handle the severity of such attacks. As a result, organizational changes, structural changes, and more investments are urgent measures to be undertaken.
Cyber risk management has been unable to keep pace with the amalgamation of analytics and digital transformations that are unfolding currently. Further, many enterprises lack the technical expertise to distinguish and manage digitalized risks.
The talent gap is widening in terms of cyber security. This is something that companies have to tackle urgently.