The Cyber Security Review | Thursday, December 01, 2022
Staff shortages, budget problems, and the growing sophistication of cyberattacks are causing major challenges for security leaders.
FREMONT, CA:Cybersecurity concerns are growing for web users, enterprises, and online shoppers as more firms go through a digital transition and continue to store customer information in the cloud. Nearly 900 security leaders from around the world participated in Foundry's 2022 Security Priorities Study, which found that 90 per cent of them believe their company is not doing enough to address cybersecurity risks.
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Cybersecurity attacks are nothing new, but hackers are becoming more skilled and are increasingly targeting academic institutions and medical facilities, large corporations, and vital infrastructure.
The significant issue businesses now confront is that cybersecurity professionals cannot keep up with the pace at which digital threats are developing. Many organisations find themselves extremely exposed to cyberattacks when combined with the fact that many corporations lack sufficient people in their cybersecurity departments.
When faced with these shortages, 45 per cent of IT directors rely on existing personnel to take on extra tasks, 45 per cent use automation technology, and 42 per cent outsource their security functions to stay on top of security issues.
Automation is a critical tool for enhancing incident responses and sustaining qualified security workers. For instance, SOAR (security orchestration, automation, and response) technology, which combines human and computer capacity to address incident reports, is being explored by 34 per cent of businesses.
Human Error:Human error continues to be a major contributor to IT security scares. Although this is down from 44 per cent in 2021, 34 per cent of respondents cited non-malicious user error as the key reason behind cybersecurity events. Third-party security flaws (28 per cent) were the next contributing cause, followed by unpatched software flaws (26 per cent) and software supply chain compromises (17 per cent of occurrences).
Security managers struggle to persuade all or parts of their organisation of the seriousness of cybersecurity risks, and they also have trouble hiring and retaining the right security personnel to keep their company safe. Security leaders also claim that their company doesn't invest enough funds, resources, or effort into technology to adequately handle security concerns and that security is frequently neglected during application development. The investigation discovered that personnel at all levels lack cybersecurity training.
The average yearly security budget is USD 65 million, with larger companies spending approximately USD 122 million and smaller companies spending roughly USD 16 million on cybersecurity. To reduce future security threats, 51 per cent 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 per cent of respondents planning to increase their training budget.
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