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With more businesses experiencing a digital transformation, cybersecurity risks are becoming an increasing concern for companies.
According to ZDNET, 90% of the security leaders participating in a survey consider that their organizations are not prepared enough to address cybersecurity risks. Cyberattacks are getting more sophisticated and companies seem to struggle with the rapid pace of evolution of the attacks.
Not Enough Staff in Cybersecurity Departments
Many companies are short-staffed in their cybersecurity departments and thus, they find themselves highly vulnerable to the actions of threat actors.
When faced with these shortages, 45% of IT directors rely on existing personnel to take on extra tasks, 45% use automation technology, and 42% outsource their security functions in order to stay on top of security issues.
The professionals participating in the survey agree with the fact that automation is an important tool for improving the response to cyberattacks and maintaining skilled security staff. Based on the study done by Foundry, 34% of companies are looking into SOAR (Security Orchestration, Automation, and Response) technology, which combines human and machine power to mitigate these types of incidents.
Human Error, Still a Major Contributor
According to Foundry, human error continues to be a major contributor to IT security scares. Although this is down from 44% in 2021, 34% of respondents cited non-malicious user error as the key reason behind cybersecurity events. Third-party security flaws (28%) were the next contributing cause, followed by unpatched software flaws (26%) and software supply chain compromises (17% of occurrences).
Security leaders struggle with convincing their organizations of the severity risk of cyberattacks and are struggling to find and keep the right security staff in their organization. Additionally, according to reports, their organization is failing to invest enough in technology and people to properly address cybersecurity-related risks.
According to Foundry, the average yearly security budget is $65 million, with larger companies spending approximately $122 million and smaller companies spending roughly $16 million on cybersecurity.
What Are Security Leaders Planning?
In order to reduce future security threats, 51% of respondents indicated endpoint security safeguards for laptops, workstations, and servers are already under development. Training in security awareness is also a priority, with 46% of respondents planning to increase their training budget.
More than a fifth of the respondents (22%) are planning to upgrade their current technology with better multi-factor authentication, while 21% plan to update data backup and recovery technology. 32% of leaders are researching zero-trust technologies and over 20% of businesses are expected to implement the technologies.
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Cristian is a Content Editor & Creator at Heimdal®, where he developed a deep understanding of the digital threat landscape. His style resonates with both technical and non-technical readers, proof being in his skill of communicating cybersecurity norms effectively, in an easy-to-understand manner.
