Investis Ltd.

07/05/2022 | Press release | Distributed by Public on 07/05/2022 09:40

The State of Cybersecurity in 2022

A rise in ransomware attacks over the past few years has compelled businesses to take cybersecurity even more seriously as a threat. A single cyber breach costs a business an average of $4.24 million in 2021, up from $3.86 million in 2020, according to the IBM Cost of a Data Breach 2021 report. And a new Gartner report paints a challenging picture for businesses, to say the least.

Gartner report discusses cyber threats - and what businesses are doing

New Gartner research says that:

  • By 2025, threat actors will have weaponized operational technology environments successfully to cause human casualties. Attacks on OT - hardware and software that monitors or controls equipment, assets and processes - have become more common and more disruptive. In operational environments, security and risk management leaders should be concerned about real-world hazards to humans and the environment in addition to information theft, according to Gartner.
  • Through 2025, 30 percent of nation-states will pass legislation that regulates ransomware payments, fines, and negotiations, up from less than 1% in 2021. Modern ransomware gangs now steal data as well as encrypt it. The decision to pay the ransom will no longer be strictly a business decision. Gartner recommends engaging a professional incident response team as well as law enforcement and any regulatory body before negotiating.
  • By 2025, 70 percent of CEOs will mandate a culture of organizational resilience to survive coinciding threats from cybercrime, severe weather events, civil unrest and political instabilities. The COVID-19 pandemic has exposed the inability of traditional business continuity management planning to support the organization's response to a large-scale disruption. With continued disruption likely, Gartner recommends that risk leaders recognize organizational resilience as a strategic imperative and build an organization-wide resilience strategy that also engages staff, stakeholders, customers and suppliers.
  • By 2026, 50% of C-level executives will have performance requirements related to risk built into their employment contracts. Most boards now regard cybersecurity as a business risk rather than solely a technical IT problem, according to a recent Gartner survey. (And as Investis Digital reported, the United States Securities and Exchange Commission is considering measures to make boards savvier about cybersecurity.) As a result, Gartner expects to see a shift in formal accountability for the treatment of cyber risks from the security leader to senior business leaders.

Fighting cybersecurity threats is becoming so time-consuming and difficult that cybersecurity experts are facing burnout. This is not good. Businesses need help.

At Investis Digital, we recommend that businesses get help, starting with the CEO. Every CEO needs to take specific steps to own the cybersecurity problem, as we discuss in this blog post.

To help businesses navigate cybersecurity, Investis Digital recently published Cybersecurity and the C-Suite. This new guide helps senior leaders learn how to take ownership of corporate cybersecurity threats such as ransomware. The report includes actionable advice on how C-level leaders can prepare their companies to fight ransomware attacks, ranging from training employees to choosing the right information technology resources required. Read the full report: Cybersecurity and the C-Suite.

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