Global organisations are more confident about their ability to predict and resist cyber-attacks, but fall short of recovering from a breach in today's expanding threat landscape.
New research from EY examined some of the most compelling cyber-security issues facing businesses today in the digital world. The study collected survey results from 1735 C-suite leaders and IT executives and managers from most of the world's largest and most recognised organisations.
Half of organisations could detect a sophisticated cyber-attack thanks to investments in cyber-threat intelligence including continuous monitoring mechanisms, security operations centres (SOCs) and active defence mechanisms. Despite these investments, 86 percent said their cyber-security function did not fully meet their organisation's needs.
Nearly two-thirds (64 percent) of organisations didn't have a formal threat intelligence programme or only had an informal one. More than half (55 percent) didn't have vulnerability identification capabilities or only had information capabilities. Forty-four percent didn't have a SOC to monitor cyber-attacks on a continuous basis.
More than half (57 percent) said they had a recent significant cyber-security incident. Nearly half (48 percent) stated outdated information security controls or architecture is their highest vulnerability.
Fifty-seven percent of respondents rate business continuity and disaster recovery as a high priority, yet only 39 percent plan to invest more in it this coming year.
Forty-two percent didn't have an agreed communications strategy or plan in place if a significant attack occurred.
“Organisations have come a long way in preparing for a cyber-breach, but as fast as they improve, cyber-attackers come up with new tricks. Organisations therefore need to sharpen their senses and upgrade their resistance to attacks. They also need to think beyond just protection and security to ‘cyber-resilience' – an organisation-wide response that helps them prepare for and fully address these inevitable cyber-security incidents,” said Richard Brown, risk assurance IT leader, EY UK and Ireland.
“In the event of an attack they need to have a plan and be prepared to repair the damage quickly and get the organisation back on its feet. If not, they put their customers, employees, vendors and ultimately their own future, at risk.”