Corporate Fight Against Cybercrime Is Working, But There Is Still Work To Be Done

After years of being cybercrime victims, corporations have been fighting back with enhanced cybersecurity measures. According to a recent Accenture study, 2018 State of Cyber Resilience, the good news is that it’s beginning to pay off. Organizations report that 87% of cyberattacks are now prevented, but they still face two to three hacking attempts per month. This success is a result of many factors including improved awareness for CEO’s and financial investments in cybersecurity.

The findings show 32% of cybersecurity funding comes directly from CEO’s while 27% is appropriated by the board of directors. Although cyber resilience is gaining ground, savvy CEO’s know their commitment to cyber safety is an ongoing challenge. According to the Identity Management Center, educating staff is a monumental part of cyber resilience, because government reports and industry studies show that 90% of employees unknowingly provide hackers with access to their credentials. Experts and consumers alike know the evolving war on cybercrime is multi-faceted and showing no signs of slowing down.

With cybercrime doubling since 2017, the future security of corporations and their patrons may be now or never. Just over a year ago, one in three targeted cyberattacks were successful. The study reveals that due to increased efforts, those numbers now show a significant improvement. Currently, only one in eight hacks get through, showing that dedication to cyber resilience is working. C-suite leaders are getting on board knowing just how much they have to lose. The study shows 90% of organizations commit to providing more resources for cybersecurity over the next three years. While that’s a good thing, only 31% believe their investment will be significant – double or more.

With 60% of small businesses going out of business after a hack, CEO’s are realizing that planning how to survive an attack is as important as working to prevent them. As a result, responses to successful attacks are improving. One of the crippling effects is the length of time it takes to bounce back from a hack. Whether it’s ransomware holding data captive or the overtaking of entire systems, many businesses are left waiting for weeks and sometimes months to return to business as usual. Smart cyber planning provides the ability to quickly rebound and focus on other issues like restoring damaged consumer confidence.

Looking toward the future, 83% in the study believe investment in new technologies like artificial intelligence are key to securing their future, but only two out of five are actively pursuing these options. Ultimately, cybersecurity experts believe businesses can become cyber resilient, which in turn strengthens future growth potential and the all-important consumer confidence. That decision requires dedicating significant resources as a way of doing business and CEO’s know that consumers are counting on them for protection. The future success of a company may very well hinge on cyber resilience including employee education. There are growing expectations of consumers for protection by the company they do business with – a very reasonable request.

Stickley on Security