- Post By: By Brainlinx
- Date: 05-April-22
The global digital economy has surged off the back of the COVID-19 pandemic, but so has cybercrime – ransomware attacks rose 151% in 2021. There were on average 270 cyberattacks per organization during 2021, a 31% increase on 2020, with each successful cyber breach costing a company $3.6m. After a breach becomes public, the average share price of the hacked company underperforms the NASDAQ by -3% even six months after the event.
According to the World Economic Forum’s new annual report, The Global Cybersecurity Outlook 2022, 80% of cyber leaders now consider ransomware a “danger” and “threat” to public safety and there is a large perception gap between business executives who think their companies are secure and security leaders who disagree.
Some 92% of business executives surveyed agree that cyber resilience is integrated into enterprise risk-management strategies, only 55% of cyber leaders surveyed agree. This gap between leaders can leave firms vulnerable to attacks as a direct result of incongruous security priorities and policies.
Even after a threat is detected, our survey, written in collaboration with Accenture, found nearly two-thirds would find it challenging to respond to a cybersecurity incident due to the shortage of skills within their team. Perhaps even more troubling is the growing trend that companies need 280 days on average to identify and respond to a cyberattack. To put this into perspective, an incident which occurs on 1 January may not be fully contained until 8 October.......