The “2018 Study on Global Megatrends in Cyber Security,” sponsored by Raytheon and conducted by the Ponemon Institute, reveals several interesting insights for organizations to better understand the changes occurring in the cyber security environment. These changes are set to impact one’s security posture over the next three years and to elevate the urgency for action when it comes to protecting against cyber threats. More than 1,100 senior information technology practitioners from the United States, Europe, and the Middle East/North Africa region weighed in on the survey.
Take a look at the following megatrends challenging the state of cyber security, according to the study:
- A data breach from an unsecured Internet of Things (IoT) device in the workplace is predicted to be very likely over the next three years. Eighty percent of respondents feel this type of breach could be catastrophic.
- The risk of cyber extortion, such as ransomware, and data breaches will increase in frequency and payout.
- IT security practitioners are more pessimistic about their ability to protect their organizations from cyber threats.
- Cyber warfare and breaches involving high-value information will have the greatest negative impact on organizations over the next three years.
- Cyber security is taking a back seat for execs: Only 36% of respondents say their senior leadership sees cyber security as a strategic priority, meaning less investment in technology and personnel.
- Boards of directors are not engaged in the oversight of their organization’s cyber security strategy.
- Companies will have to spend more to achieve regulatory compliance and respond to class-action lawsuits and tort litigation.
The bottom line: Cyber attacks on businesses are getting more powerful and harder to stop. Moreover, corporate boards aren't being briefed on cyber security, and executives aren’t seeing it as a strategic priority. To improve cyber security posture, companies need to invest in enabling technologies and staffing. This means expanding the CISO’s role and responsibility, engaging in threat intelligence sharing, and requiring frequent audits and assessments of security policies and procedures.
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