It is estimated that 93% of company networks are vulnerable to cyber attacks and many security experts believe that businesses are unprepared for threats to come. In such a climate getting operational resilience right has never been more pressing or more relevant. Securing networks and data will require a significant investment of both resource and time from businesses to bolster their cyber resilience.
Current cyber security trends
Cyber attacks and data breaches are on the rise, with reported incidences increasing by 15% between 2020 and 2021. This rise looks set to continue. Cyber security experts and CIOs anticipate that the increasing sophistication of cyber criminals combined with poor maintenance, misconfigurations and human error will mean greater vulnerabilities for businesses.
Here are the top digital and technology threats affecting security:
Social engineering
Attackers pretending to be from a trusted organisation or even an internal colleague manipulate employees to encourage them to give up sensitive information, or install malware that can allow the hacker to access a network.
Ransomware
The number of ransomware attacks ballooned by 102% in 2021, with healthcare and utilities organisations the most frequently targeted. These types of attacks are increasingly sophisticated and conducted by organised cyber criminals; with the ransom amounts increasing as attackers perfect their techniques.
Failing to update software and hardware in a timely manner, poor maintenance of security measures and a lack of cyber security education amongst employees can lead to increased risk from ransomware attacks.
Adoption of new tech
56% of organisations are prioritising digital transformation projects. As companies begin to upgrade their digital capabilities and adopt new technologies, they run the risk of opening their networks up to new threats. Badly managed transformations can pose major security threats. Additionally, 25% of IT security executives believe that a greater adoption of the Cloud and the Internet of Things, will increase the level of cyber security risk for businesses. Concerningly, 41% do not think their security initiatives have kept up with digital transformation.
More complex operational infrastructure
Strategic partnerships can be integral to many businesses’ growth and operational success whether they are suppliers, marketing agencies or third-party tech integrations. However, as 44% of cyber security experts agree, connecting systems, integrating tech, or allowing partners access to internal networks increases the risk of a security breach. So much so that 3 out of 5 companies were hit with software supply chain attacks in 2021.
Insufficient cyber security budgets
According to a survey by Gartner, cyber security accounts for just 5.7% of overall IT spending. 30% of security executives say that their budgets are insufficient to fully protect their organisations. The criminal networks that carry out these attacks are often better funded than the businesses they’re targeting. As the risk of attack grows so do cyber security budgets, with global spending on track to reach $150 billion in 2022.
Building a robust cyber resilience framework
A robust cyber resilience strategy doesn’t only concern itself with technology, your framework must also address issues with the people who use that technology daily. Whether that is ensuring your employees have the training and skills to avoid security breaches or addressing internal resistance to change.
Concerned about your cyber resilience? Contact Fruition Consulting for peace of mind today!!
Our mission is simple, to help our customers accelerate their digital journey and achieve their business goals, safely and securely.
Cyber security is already a priority for organisations across all industries, but where do you start if you are falling behind, need to rapidly scale up your infrastructure or simply need to streamline your current efforts to improve business efficiency?
Fruition Consulting is perfectly placed to support and guide you, from an initial strategy to implementation of required changes. Our access to the best technology talent in the country means we can provide you with the people you need, when you need them.
Get in touch to find out more.
