The frequency and sophistication of worldwide cyberattacks continue to surge, with businesses falling victim to a ransomware attacks every 13.275 seconds, according to Cyber Defense Magazine. No agency, company, or organization is immune to the devastation a cyberattack can bring, and although companies are making progress in improving their efforts, they still face a growing number of challenges.
Challenge 1: Adversaries Are More Focused and SophisticatedUsing advanced techniques, attackers are increasingly seeking to lock critical systems and destroy data. According to Wombat Security's "State of the Phish" report, 76% of businesses reported being a victim of a phishing attack in the last year, with the average cost to handle a phishing attack coming in at $1.6 million. To combat these threats, companies must first break free from "snapshot thinking." This is the thought process that once a security strategy and solution are in place, all is well with one's IT environment. To manage and stay ahead of evolving threats, risk assessments, information assurance road maps, system patching, and other security measures must be continuous and informed by threat intelligence.
Challenge 2: Investing in Cyber Tools Doesn't Equal More SecurityCybersecurity expenditures are expected to reach $1 trillion by 2024. Even though companies continue to invest in cyber tools, spending alone does not ensure security for an organization. To get the most value from their investment, organizations should ensure they are fully optimizing the capabilities of tools they already have before buying new ones. They may f ..