A new research published by PwC claims that today’s business climate is helping to create cybercrimes, which will only get worse. For this poll, PwC interviewed 3,600 company and technology executives from across the world for its study.
According to the survey, declining entry barriers for a variety of malware attacks, increasing organization complexity as a result of mergers and acquisitions, remote working or multi-vendor environments are just a few factors contributing to the growing risk of cybercrime.
Two-thirds of UK company executives (66%) believe the cybercrime risk will only grow in the future, with ransomware assaults, corporate email compromise, and infections caused by software upgrades particularly on their radars.
Not all problems are created equal.
There are certain things businesses can do, especially when it comes to ransomware, according to Bobbie Ramsden-Knowles, a Crisis and Resilience Partner with PwC UK:“Whereas other types of crises may be perceived as ‘black swan’ events that can not be predicted, ransomware attacks have become so widespread that we have seen a common set of challenges and decisions that all organizations would face,” he said.
“Developing – and aligning – ransomware playbooks for executive crisis teams and operational responders is a no-regrets move. And, testing these through wargames and exercises can reduce uncertainty, build confidence in the ability to respond and help prioritise focus on preventative measures.”
The rising complexity in business operations is only adding salt to an open wound. With growth, acquisitions, and rapid adoption of new technologies and endpoints, security has become more difficult; with 86 percent of company executives deeming the risks “alarming.”
How to Attack Clouds
According to the poll, most businesses (63%) expect an increase in assaults on their cloud infrastructure, but only 40% understand cloud risks, based on formal examinations.
The supply chain risk is no different – most companies anticipate more breaches via this attack means, yet just 42% have done a deep analysis of their security exposure. To counter the danger, most organizations are expected to increase their security budgets for 2019.
However, merely throwing money at the problem won’t make it go away. Richard Horne, Cyber Security Chair at PwC UK stated that firms need to ensure they get the best possible return on investment.
“Our study found that few organizations are confident they’re receiving the benefits of increased spending. , For example, while 37 percent of UK respondents said they had deployed cloud security at scale, just 18% were completely realizing the advantages of their investment.The remainder either weren’t making investments in this area or hadn’t yet implemented it on a large scale.”
“To overcome this challenge and build greater confidence in their security investments, organizations must improve their cyber risk modeling and analysis. This ensures increases in cyber budgets are allocated to priority risks and help build long-term resilience,” he concluded.
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