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Where are Business’ Security Priorities Right Now?

In a survey done by Enterprise Strategy Group and Splunk, it was found that business leaders often funnel their money and resources into their cybersecurity, with 88 percent of the surveyors planning to increase their investments and 35 percent reporting that the boosts will be substantial. Let’s look at what else was revealed by this survey about cybersecurity, then we can put together a cybersecurity priority checklist for your business.

Lets’ see how prevalent and severe cyberattacks can be, so then we can understand the importance of cybersecurity.

How Common are Cyberattacks?

This survey found that over half of those surveyed have seen an increase in cyberattacks, with 53% agreeing that the there was an increase during the COVID-19 pandemic. 84% of the respondents even experienced a significant cybersecurity incident within the past two business years.

These attacks broke down as follows:

  • Data breaches (39%)
  • Mobile malware (37%)
  • Ransomware (31%)
  • DDoS attacks (36%)
  • Email compromise attacks (42%)
  • Phishing (33%)
  • Compliance and regulation violations (28%)

Costs Associated with These Cyberattacks

These attacks can result in many different ways and can have many different consequences and costs attached to them, depending on the damage and the business itself. For example:

  • 40% of surveyed businesses stated that the time cost of IT professionals was the largest related expense
  • 36% cited lost productivity as their primary related expense.
  • 35% blamed application and system disruption.
  • 32% prioritized the disruption that their business experienced.
  • 28% were concerned about confidential data breaches (with 19% worried about disclosing breaches).
  • 18% were stressed about their employees being terminated or prosecuted.

Overall, security professionals and leaders have also reported their jobs becoming more difficult and challenging, with 49% reporting this statement. 48% said this was due to a changing landscape in terms of threats, 32% cited business transitions into cloud settings and the difficulties that arise from this shift, and 28% blamed workplace hiring.

Because the cloud-based solutions being adopted so quickly due to the COVID-19 pandemic, this has led to challenges and issues in the technology world.

You should always have a cybersecurity priority checklist so your business can stay on top of your technological security and keep your business safe. MyTek can help you with this, so give us a call today to learn more at 623-312-2440.

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