Companies that do not keep up with their digital transformation initiatives may see a $1 million or more loss due to cyberattacks.
Digital transformations could expose your organization to a greater risk of costly cyberattacks, according to a joint study from ESI ThoughtLab, WSJ Pro Cybersecurity, Security Industry Association, and other organizations. The study surveyed 1,300 companies and found that those whose digital transformations surpass their cybersecurity practices are likely to see a loss of $1 million or more, said the Wednesday press release.
The study found cybersecurity risks to spike as companies adopt new technology, embrace open platforms, and collaborate with partners and suppliers, said the release. Businesses are currently facing the largest attacks from malware (81%), phishing (64%), and ransomware (63%), added the release.
In the next two years, however, organizations expect to see the most significant growth in attacks via partners, customers, and vendors (+247%); supply chains (+146%), denial of service (+144%), apps (85%), and embedded systems (84%), said the release.
In regards to external threat vectors, the biggest perpetrators were unsophisticated hackers (59%), cybercriminals (57%), and social engineers (44%), said the release. But the report found the biggest threat to lie with untrained staff members (87%).
"Companies need to make sure that their cybersecurity programs keep pace with their digital transformation efforts," said Lou Celi, CEO of ESI ThoughtLab and director of the study, in the release. "Cybersecurity should not be an afterthought. It needs to be integrated into the fabric of an organization's growth strategy."
The answer to protecting yourself in the midst of such attacks is through investments, said the release. Companies are increasing cybersecurity investments by 7% this year and 14% next year, said the release. Platform companies will see the biggest increase, raising budget spending from 59% this year to 64% next year, added the release.
Just a few of the valuable tools companies plan on using against cyberattacks include multi-factor authentication (90%), blockchain (68%), Internet of Things (IoT) (62%), and artificial intelligence (AI) (44%), said the release.
Check out this TechRepublic article for more tips on how to keep your organization protected.
The big takeaways for tech leaders:
- With companies unable to keep cybersecurity efforts up to date with digital transformations, many are losing both money and data to cyberattackers. — 2019 Security Megatrends
- Some of the biggest attack vectors include malware (81%), phishing (64%), and ransomware (63%). — 2019 Security Megatrends
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- Asean countries to establish framework for cybersecurity collaboration (ZDNet)
- Cheat sheet: How to become a cybersecurity pro (TechRepublic)
- The role cybersecurity should play in 2019 IT budget planning (ZDNet)
- The 6 most popular cyberattack methods hackers use to attack your business