Companies to boost security investments; 1 in 10 firms lose over $10m due to cyber attacks

Cyber security
Cyber security Pixabay

Many companies around the world are expected to boost cybersecurity investments by 34% in the next fiscal year owing to an alarming situation created by recent cyber-attacks, showing that one in 10 organizations invariably lose more than $10 million due to hacking or data breach.

A recent report from The Cybersecurity Imperative, which is a new global thought leadership program, has shown that the companies have decided to understand the importance of investing money into organizations' security.

As per the reports, losses from these attacks averaged $4.7 million in the last fiscal year and since then the global companies have decided to safeguard themselves from such cybersecurity incidents, such as ransomware that has raised from 57 percent to 71 percent.

However, the new report mentioned that all the global private or government organizations should take a proactive, multi-layered defence to combat such criminal activities.

The report also added that the companies from around the world "are responding by allocating the biggest share of their budgets to technology, while seeking the right balance between investments in people and process.

"They are also focusing more on risk identification to address emerging vulnerabilities and are investing more in resilience to ensure they can respond quickly to successful attacks."

On the other hand, industries such as media and consumer markets are not allocating enough to cybersecurity and it is making them vulnerable to the cyber attacks.

In addition, the report mentioned that these risks are not just about privacy or liability or stealing data, as these threats can also occur "if the business is interrupted, with reputational impacts that can hurt market positions."

The authors of the report have advised the business owners to pay close attention to the potential risks associated with their supply chain and partners.

Related topics : Ransomware