5 Key Takeaways from the 2023 Enterprise Cybersecurity Global Threat Report
As the global landscape of cybersecurity threats changes, cybersecurity experts and software developers do their best to track this evolution. Cybersecurity companies can improve their technology to combat current threats with a better understanding of the risks that loom.
Researchers often publish these findings, sharing them with enterprise executives to make more informed decisions regarding their cybersecurity software needs. For example, the 2020 Cost of a Data Breach Report by the Ponemon Institute revealed the harmful global impact of data breaches.
Also, VMware Carbon Black recently released its 2020 Global Threat Report, shedding light on the increased frequency and sophistication of cyberattacks on corporations. From this report, business owners and IT professionals can take away the following key findings:
COVID-19 Has Led to a Dramatic Increase in Cybercriminal Activity
The unprecedented jump in technology many organizations had to take in such a short period, such as those resulting from COVID-19, left many vulnerable to cyberattacks.
Over 90 percent of all global respondents reported an increase in cyberattacks aimed at employees who shifted to working from home after the pandemic started. Many companies that previously held most or all of their work in an office moved entirely to online work.
Without previous technological experience and general cybersecurity knowledge, the switch left employees and managers at exceptionally high risk for cyberattacks. These often included malware, phishing, and social engineering attacks.
In the Upcoming Year, Companies Will Increase Spending on Cybersecurity
Due to increased chances and costs of cyberattacks, 96 percent of cybersecurity professionals are considering expanding their company’s security budgets. The average budget increase is 27 percent.
While prices for new security systems are high, companies are making sacrifices as they’re more worried than ever, especially now that 2021 cyberattacks costs might reach $6 trillion.
To do that, companies need to invest in complete and advanced security systems. The best enterprise cybersecurity solutions current technology has to offer uses artificial intelligence and pattern recognition to catch attacks before they cause damage. Some of them can detect and respond to new forms of attacks.
Over the Past Year, OS Vulnerabilities Led to the Most Breaches
Operating systems are the factor associated with breaches for companies globally. Due to the average OS’s frequent updates and patches, the systems sometimes have holes in their security.
So far, the top cause of breaches was OS vulnerabilities, as around 18 percent of hackers took advantage of poor operating system hygiene to attack. That’s not to say that you should direct all your efforts in OS security and neglect other security measures.
After all, while technical systems are reliable and secure, many cyberattacks take advantage of the human element in the security system. Weak and stolen credentials and social engineering attacks make the easiest attack route for hackers.
Cyberattacks Cause Reputational Damage, Not Just Financial
Companies hold more than personal financial information in their files. They also contain clients’ and investors’ personal and financial information. An attack that targets data can result in irreversible damage to a company’s reputation.
The 2019 cybersecurity report states that 70 percent of companies suffered an injury to their public image following an attack, while 17 percent reported that the damage was severe.
Threat Hunting Has Become Essential to Protecting Enterprise Networks
Modern attacks no longer disturb the whole network. Instead, they depend on stealth to access confidential data and information. Most of the time, the attacks remain hidden until it’s too late. That’s why threat hunting is soaring in popularity among cybersecurity professionals.
Threat hunting is the process of sifting through a network, looking for any signs of stealthy or dormant malware. Over 85 percent of companies reported using threat hunting as a crucial part of their cybersecurity strategy. The process proved useful as the majority of businesses said the procedure strengthened their defenses.
Enterprise Cybersecurity Threat Report: Cybersecurity is a Never-Ending Battle
Looking at data from past attacks can be a reliable lead to where things go. Trends are crucial in predicting future events, and companies that report their cybersecurity status help create a safer place where global security experts work together against common threats.
The only thing experts are sure of is that risks and costs are only going to increase, and protection will become even more crucial for your business and clients.