90% firms experienced cyberattacks

About 90% of firms experienced cyberattacks is consistent with recent research and reports. As per the survey by Splunk Inc., a staggering 90% of organizations experienced at least one disruptive cyberattack in the past year. This highlights the pervasiveness of cyber threats and the vulnerability of businesses across various industries.

The survey by Splunk Inc. revealed that 83% of organizations that experienced a ransomware attack opted to pay the attackers, with over half of them shelling out a minimum of $100,000. This indicates the significant financial impact of cyberattacks and the pressure companies face to regain access to their data and systems.

The most vulnerable sectors to cyberattacks include financial services (59%), retail (59%), and healthcare (52%). These industries handle sensitive data and are often targeted by cybercriminals seeking financial gain or disruption.

Despite economic challenges impacting various sectors, 93% of CISOs expect an increase in their cybersecurity budgets in the coming year. However, 83% noted that other areas of their organisations experienced budget cuts, reflecting the trade-offs made to bolster cybersecurity in the face of growing threats coinciding with economic downturns.

The report outlines, 70% of CISOs expressed concerns that this technology could potentially provide cyber adversaries with more opportunities to launch attacks. Yet, 35% of the surveyed CISOs are already experimenting with generative AI for various cyber defense purposes, including malware analysis, workflow automation, and risk scoring.

Sectors like healthcare (88%), manufacturing (76%), and financial services (72%) voiced the most significant fears regarding the advantages generative AI might offer to cyber adversaries. To mitigate these risks, 51% of CISOs in financial services planned to implement specific cybersecurity controls to counter AI-related security risks. Furthermore, 93% of CISOs have extensively or moderately implemented automation into their processes to bolster cybersecurity measures.

The rising frequency and sophistication of cyberattacks underscore the importance of robust cybersecurity measures. Organizations need to implement a comprehensive cybersecurity strategy that includes employee training, strong passwords, multi-factor authentication, data encryption, and regular security audits.

S Mohini Ratna, Editor, VARINDIA