Commercial organisations could incur $5.2trn in additional costs and lost revenue by 2024 due to cyber attacks, as dependency on complex digitally-enabled business models outpaces the ability to introduce adequate safeguards that protect critical assets.
More than 59,000 data breach notifications have been reported across the European Economic Area by public and private organisations since the General Data Protection Regulation – GDPR – came into force back on 25th May 2018.
Security heads say operational/productivity loss and negative customer experience and data theft are now primary impacts of cyber attacks – 86% looking at AI/ML to aid fightback.
Internet of Things – IoT – devices are have become cyber criminals’ top attack target, and now surpass web and application services, and email servers as attack targets.
A review of how well boards and management committees understand and manage the cyber risks their firms face has revealed that many should take more proactive steps to foster a security-centric culture which transforms cyber from an IT issue to an organisation-wide priority.