Four in five organisations believe that staying ahead of cyber criminals is a constant battle and the cost is unsustainable, as nation-state bad actors get more resourceful at finding new ways to carry out their attacks, a new report showed on Wednesday.
More than half (55 per cent) of large companies globally are not effectively stopping cyber-attacks, finding and fixing breaches quickly, or reducing the impact of breaches, according to research from global professional services company Accenture.
“Our analysis reveals that organisations too often focus solely on business outcomes at the expense of cybersecurity, creating greater risk. While getting the balance right isn’t easy, those who have a clear view of the threat landscape and a strong alignment on business priorities and outcomes achieve greater levels of cyber resilience,” Kelly Bissell, who leads Accenture Security globally, said.
While 82 per cent of respondents increased their cybersecurity spending this past year, the number of successful breaches – which include unauthorised access to data, applications, services, networks or devices – jumped 31 per cent over the previous year to 270 per company, on average.
“From run-of-the-mill cybercriminals to sophisticated nation-state actors, cyber adversaries are getting more resourceful at finding new ways to carry out their attacks,” Bissell added.
Despite two-thirds (67 per cent) of organisations believing that their ecosystem is secure, indirect attacks accounted for 61 per cent of all cyber attacks this past year, up from 44 per cent the prior year.
“Spending more on cybersecurity without being closely aligned to the business doesn’t make your organisation safer,” said Jacky Fox, group technology officer at Accenture Security.
“When it comes to managing cyber risks, organisations can’t afford to lean one way or the other,” he added.