Most businesses expect cybersecurity threats to increase over the next year

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A new study has found that today’s business landscape is creating an environment in which cybercrime can flourish and this threat is bound to increase.

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In a poll of 3,600 business and technology executives around the world for the report, PwC found a number of factors contributing to the increased threat of cybercrime, including low barriers to entry for many types of malware attacks, due to mergers and acquisitions. With the increasing complexity of organizations, remote working is involved. , or multi-vendor environments, to name but a few.

As a result, two-thirds (66%) of UK business leaders believe that the threat of cybercrime will only increase, going forward, mostly due to fears of ransomware attacks, viruses distributed through commercial email compromises and software updates. From.

challenges

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For Bobby Ramsden-Knowles, Crisis & Resilience Partner, PwC UK, there are things businesses can do, especially when it comes to ransomware:

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“While other types of crises may be thought of as ‘black swan’ events that cannot be predicted, ransomware attacks have become so widespread that we have seen a common set of challenges and decisions that all organizations must make.” have to face,” he said.

“Developing – and aligning – ransomware playbooks for executive crisis teams and operational responders is an unrepentant step. And, testing these through war games and exercises can reduce uncertainty, build confidence in the ability to respond. and can help focus on preventive measures.”

The increasing complexity in business operations is only rubbing salt into an already open wound. Growth, mergers and acquisitions, as well as the rapid adoption of new technologies and endpoints, have made security difficult, with 86% of business leaders describing the level of risk as “concerning.”

attack the clouds

The majority (64%) expect more attacks against their cloud infrastructure, it was said, with less than half understanding cloud risks based on formal assessments. Supply chain risk is no different – ​​most companies expect more breaches via this attack vector, yet only 42% have formally assessed their risk.

To combat this threat, most companies are increasing their security budgets for the coming year. However, merely throwing money at a problem doesn’t mean it will go away. Richard Horn, Cyber ​​Security President, PwC UK, said businesses need to ensure the best possible ROI.

“Our research found that some organizations believe they are reaping the rewards from increased spending. For example, while 37% of UK respondents said they have implemented cloud security on a large scale, only 18% are fully realizing the benefits of their investments.The rest were either not investing in this sector or had not yet implemented it on a large scale.

“To address this challenge and build greater confidence in their security investments, organizations should improve their cyber risk modeling and analysis. This ensures that increases in cyber budgets are allocated to priority risks and have long-term resilience. helps to create,” he concluded.

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