A recent analysis from the Internet Crime Complaint Center of FBI found that last year alone, enterprises in the U.S had to bear a loss of about $1.8 billion due to email scams.
The arena of enterprise risks has evolved considerably in recent years. And, it continues to grow. Further, the covid-19 has complicated the already vulnerable landscape. Therefore, it is critical to update your risk management strategies accordingly and as per the changed requirements instead of adhering to standard practices.
Experts suggest continuous upgrades of existing risk management strategies. The time is now ideal for firms that haven’t performed to finish the task. A minimum of 12- months of upgrading is what recommended by risk management experts.
Interestingly, the report also found an increasing corelation between IT security and risk management or compliance teams.
According to Gartner’s ‘Emerging Risk Monitor Report’, ransomware concerns occupied the top position among the pandemic-related problems. The results are derived from a survey featuring more than 294 cybersecurity experts across industries and countries.
Innovative ransomware attacks occupied the top position, followed by other critical concerns such as the post-pandemic talent shortage, COVID-19, supply chain management issues, and, lastly, hybrid workforce disparities.
The urgent need for addressing ransomware attacks as the top priority is real for enterprises of all sizes and types. For 2022, tackling ransomware concerns would be the biggest priority for enterprises irrespective of size or industry, indicate surveys.
More and more organizations are resorting to tackling the issue urgently. The recent security attacks have altered the way enterprises approach cyber risk management.
Investments are pouring in from various sources, and enterprises are trying to leverage these investments for implementing the aptest risk assessment strategies.