The State of Cybersecurity in 2018

October is National Cybersecurity Awareness Month, which means now is a great time to take stock of your organization’s cybersecurity and IT risk management practices.

Is your business prepared for rising cyber threats?

Many aren’t, according to recent research:

Organizations are concerned about and unprepared for cybersecurity risks.

A 2018 cyber and data security survey of more than 1,100 executives at North American organizations revealed a number of risk management challenges.

• Nearly 60% of executives rank cybersecurity as one of their organization’s top five risks.
• Over 75% of executives reported that their organizations either had no method to measure cyber risk (49%) or they didn’t know if their organization measured risk exposure (27%).
• Only 18% have a cybersecurity incident response plan.
• The cyber loss scenarios respondents were most concerned about include business interruptions, customer information breaches, data or software damage, and reputational damage.

The survey concluded that, despite recognizing cybersecurity as a high-impact risk, few organizations have acted on their concern. That in itself is a risky proposition in today’s connected, technology-driven business landscape.

Paired with other recent statistics like the increasing frequency of security breaches and the rising costs of cybercrime and recovery, these figures paint a grim picture of the typical organization’s preparedness in the areas of cybersecurity and IT risk management.

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Did you know?

Organizations worldwide averaged 130 security breaches a year, up nearly 30% from 2016 to 2017. Spending on cybercrime incidents and recovery averaged $11.7 million per organization, up nearly 23% from 2016. Average costs escalate to more than $17 million for businesses in the financial services and energy / utilities industries.

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They also show that a strong risk management program is essential for protecting your organization’s processes, resources, and reputation.

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Next, read part 2 of our cybersecurity series, where we’ll look at some best practices that businesses can follow to secure their future against cyber threats and IT risks.