The Global Cyber Resilience Report 2024 offers a detailed analysis of the current status of cyber resilience across various industries globally. Conducted by Cohesity and Censuswide, the survey involved 3,139 IT and Security Operations (SecOps) decision-makers from eight countries, revealing significant disparities between perceived and actual cyber resilience capabilities.
Survey Demographics and Scope
The survey, conducted in June 2024, encompassed public and private organizations in the United States, United Kingdom, Australia, France, Germany, Japan, Singapore, and Malaysia. With approximately 500 respondents from each of the US, UK, and Australia, and varying numbers from the other countries, the participants included an even split of IT and SecOps professionals, providing a comprehensive view of the cyber resilience landscape.
Key Findings
1. Overestimation of Cyber Resilience
The survey uncovered a concerning trend of organizations overestimating their cyber resilience capabilities. While only 2% of respondents claimed they could recover data and restore business processes within 24 hours of a cyberattack, nearly 78% expressed confidence in their organization’s cyber resilience strategy.
2. Ransom Payments: A Growing Concern
An alarming 75% of respondents indicated their willingness to pay over $1 million to recover data and restore operations, with 22% prepared to pay over $3 million. Despite having policies against ransom payments, 69% admitted to paying ransoms in the past year.
Slow Recovery Times
Organizations reported slow recovery times post-cyberattack, with only 2% able to recover within 24 hours. The majority required several days to weeks for recovery, falling short of their targeted recovery time objectives (RTO).
4. Insufficient Data Privacy Compliance
Just over 42% of respondents believed their organization could identify sensitive data and comply with data privacy laws, highlighting a significant gap in IT and security capabilities.
5. Zero Trust Security Deficiencies
Many organizations have not implemented essential security measures like multifactor authentication (MFA) and role-based access controls (RBAC), leaving them vulnerable to external and internal threats.
The Escalating Threat Landscape
The survey emphasized the increasing threat of ransomware attacks, with a significant rise in perceived threat levels and a high percentage of respondents reporting ransomware incidents in the past six months.
Industries Most Affected
The report identified seven industries hardest hit by cyberattacks, including IT & Technology, Banking & Wealth Management, Financial Services, Telecommunications & Media, Government & Public Services, Utilities, and Manufacturing.
Areas of Critical Concern
1. Confidence-Capability Paradox
The gap between confidence in cyber resilience strategies and the actual execution of these strategies highlights the need for organizations to improve their response capabilities.
2. Rampant Ransom Payments
The prevalence of ransom payments, often against organizational policies, underscores the reactive approach to cyber resilience, leading to financial and reputational consequences.
3. Zero Trust Security Deficiencies
The failure to implement robust data access controls poses a significant risk to organizations, emphasizing the importance of effective security measures for data protection and business continuity.
Recommendations for Improvement
The report recommends several strategies to address critical issues, including rigorous testing, drills, and simulations, ransomware resilience workshops, automated testing of backup data, and detailed documentation for incident response.
Conclusion
The Global Cyber Resilience Report 2024 highlights the urgent need for organizations to bridge the gap between perceived and actual cyber resilience capabilities. By addressing vulnerabilities and implementing recommended strategies, organizations can enhance their ability to recover from cyberattacks and safeguard critical data, ensuring a more secure future. The comprehensive insights from this report serve as a valuable resource for IT and SecOp professionals looking to strengthen their cyber resilience strategies and mitigate evolving threats.