New Research Shows Businesses Unprepared as Cyber Attacks Increase

New Research Shows Businesses Unprepared as Cyber Attacks Increase

By Stefania Viscusi

The threat of cyber security incidents is something people and businesses across the globe have grappled with. Despite best efforts to create more secure operations and networks, bad actors are still making their way in and conducting breaches that lead to several thousands in losses and worse.

The threat of ransomware attacks, identity theft and other breaches have no signs of slowing. In fact,  according to Curt Aubley, Deloitte Risk & Financial Advisory detect and respond practice leader and managing director, Deloitte & Touche LLP, "Over the past 12-18 months, executives across industries and sectors have witnessed — and increasingly experienced first-hand — the jaw-dropping frequency, sophistication, cost, and both economic and operational impacts of ransomware attacks.”

What’s more, a recent poll conducted by Deloitte also found that 86.7 percent of C-suite and other executives expect the number of cyberattacks targeting their organizations to increase over the next year.

The level of these attacks are also becoming sophisticated and this further increases the damage that can be done.

The problem, as Aubley notes, is that, “some ransomware can evade antivirus tools and attackers find more ways to pressure victims to pay ransoms, these attacks often have national and global repercussions. There's no time to waste when it comes to honing and testing incident response programs for ransomware and other cyber events."

The poll also found that while 64.8 percent of execs say that ransomware is a cyber threat posing major concern to their organizations, only 33.3 percent think organizations have taken the proper preventative steps like simulating ransomware attacks to help prepare an incident.

Preparedness is key when it comes to cybersecurity for organizations today. Especially with this startling reality that we’ll see even more happening in the next year alone.

Business leaders are being advised to focus on attack response now with a cyber program that includes ransomware detection and prevention.

 "Strong executive and board level oversight of and support for the cyber risk management program is a critical part of event preparedness. Leaders at the highest levels need to understand the crucial role they play in prevention — by providing oversight, governance and tone from the top — as well as direct support for attack response," said Kieran Norton, Deloitte Risk & Financial Advisory's infrastructure security solution leader and principal, Deloitte & Touche LLP.

Edited by Luke Bellos
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