Organizations Strengthening Cybersecurity Efforts, Yet Still Facing Breaches
Despite improvements in cybersecurity measures, organizations are still grappling with security breaches, with an average of 30 incidents causing damage or data loss last year, as per the latest findings from Accenture.
Accenture’s 2018 State of Cyber Resilience Executive Summary
Accenture conducted a survey of 4600 cybersecurity practitioners in companies with revenues exceeding $1 billion across 15 countries to compile the 2018 State of Cyber Resilience Executive Summary. The report revealed that while 87% of organizations are successfully preventing “focused” cyber-attacks, there is still a 13% vulnerability rate to online raids breaching defenses.
The study also highlighted that over half (55%) of global enterprises managed to detect breaches within a week or less, a significant improvement from just 10% in the previous year, with 89% detecting incidents within a month. In contrast, FireEye reported a global median dwell time of 101 days in its recent M-Trends report.
Technological Needs for Enhanced Security
Respondents in the Accenture survey identified cyber-threat analytics (46%) and security monitoring (46%) as the top technologies required to address existing security gaps. Additionally, 83% of participants agreed that technologies such as AI, machine/deep learning, user behavior analytics, and blockchain are crucial for securing the future of organizations.
Kelly Bissell, managing director of Accenture Security, emphasized the importance of building investment capacity for strategic security investments to further mitigate the impact of cyber-attacks. He stated, “For business leaders who continue to invest in and embrace new technologies, reaching a sustainable level of cyber-resilience could become a reality for many organizations in the next two to three years.”
Rising Data Breach Concerns
Global organizations witnessed a staggering 88% increase in breached documents, reaching a record 2.6 billion last year, compared to 2016, according to Gemalto. The study underscored the critical need to address insider risks, with accidental loss accounting for the exposure of 1.9 billion records – a 580% surge from the previous year. Issues like improper data disposal and misconfigured databases contributed significantly to data breaches.
As organizations continue to fortify their cybersecurity defenses and invest in advanced technologies, the landscape of cyber-resilience is evolving. With concerted efforts and strategic investments, businesses can strive towards a more secure future in the face of escalating cyber threats.