PanaTimes

Wednesday, Feb 01, 2023

Cyber Attacks Surge Amid Covid-driven Digitalisation: World Economic Forum Study

Cyber Attacks Surge Amid Covid-driven Digitalisation: World Economic Forum Study

The World Economic Forum study said that each successful cyber breach cost a company USD 3.6 million (nearly ₹ 27 crore) last year
The accelerating pace of digitalisation, fuelled by the COVID-19 pandemic, has led to a record-breaking year for cybercrime with ransomware attacks rising 151 per cent in 2021, and an average of 270 cyberattacks per organisation being faced, a new study showed on Tuesday.

The World Economic Forum's 'Global Cybersecurity Outlook 2022', released during its online Davos Agenda summit, further said that each successful cyber breach cost a company USD 3.6 million (nearly ₹ 27 crore) last year, while the average share price of the hacked company underperformed NASDAQ by nearly 3 per cent even six months after the event in case of the breach becoming public.

The WEF said the global digital economy surged on the back of the COVID-19 pandemic, but so has cybercrime and nearly 80 per cent of cyber leaders now consider ransomware a 'danger' and 'threat' to public safety.

At the same time, there is a large perception gap between business executives who think their companies are secure and security leaders who disagree.

Some 92 per cent of business executives surveyed agree that cyber resilience is integrated into enterprise risk-management strategies, but only 55 per cent of cyber leaders surveyed agreed. This gap between leaders can leave firms vulnerable to attacks as a direct result of incongruous security priorities and policies, the report said.

Even after a threat is detected, the WEF survey conducted in collaboration with Accenture, found that nearly two-thirds would find it challenging to respond to a cybersecurity incident due to the shortage of skills within their team.

Even more troubling is the growing trend that companies need 280 days on average to identify and respond to a cyberattack. To put this into perspective, an incident that occurs on January 1, may not be fully contained until October 8.

"Companies must now embrace cyber resilience -- not only defending against cyberattacks but also preparing for swift and timely incident response and recovery when an attack does occur," WEF Managing Director Jeremy Jurgens said.

Accenture Chair and CEO Julie Sweet said organisations need to work more closely with ecosystem partners and other third parties to make cybersecurity part of their ecosystem DNA, so they can be resilient and promote customer trust.

The survey also found that less than one-fifth of cyber leaders feel confident that their organisations are cyber resilient.

Also, they do not feel consulted on business decisions, and they struggle to gain the support of decision-makers in prioritizing cyber risks, while recruiting and retaining the right talent is their greatest concern.

Besides, nearly nine in ten see SMEs as the weakest link in the supply chain.
Newsletter

Related Articles

PanaTimes
Close
0:00
0:00
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
House Speaker Kevin McCarthy said he will block Reps. Adam Schiff and Eric Swalwell from serving on the House Intelligence Committee
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Tesla reported record profits and record revenues for 2022
Germany confirms it will provide Ukraine with Leopard 2 tanks
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
Saudi Arabia set to overtake India as fastest-growing major economy this year 
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Will Canada ever become a real democracy?
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Hong Kong to scrap almost all its Covid rules
EU calls screening of travellers from China unjustified
US imposes Covid testing for visitors from China
Ukraine President Volodymyr Zelenskyy Addresses Joint Session of Congress - FULL SPEECH
Where is Rishi? Chancellor Jeremy Hunt's excuses about the UK's economic challenges just don't make sense
Former FTX CEO Bankman-Fried finally arrested in Bahamas after U.S. files charges
Corruption works: House Financial Services Chair Waters doesn't plan to subpoena her donor, Sam Bankman-Fried, to testify at hearing on FTX collapse
Ronaldo's new contract...
Prince William's godmother resigns honorary royal role after exposing her/their racism
Tax fraud verdict again exposes illusion of Trump the master businessman
Tax fraud verdict again exposes illusion of Trump the master businessman.
Yellen hints at ‘national security’ probe into Twitter purchase
Elon Musk reinstates Donald Trump's Twitter account.
Good news: US moves to shield Saudi crown prince in journalist killing
×