A recent report finds unprecedented cybersecurity challenges for enterprises across numerous industries.
Leading technology services company Wipro Limited has released the 2023 edition of its State of Cybersecurity Report that gives an in-depth look at cybersecurity trends across seven industry sectors.
Findings revealed that cybercrimes have increased worldwide and that generative AI and the cloud have ultimately created gaps in cybersecurity. This is ultimately posing big challenges for CISOs across global companies.
This could be due to geo-political tensions from around the world, with countries having to battle a huge increase in digital attacks.
- 345 organisations surveyed across 21 countries
- 24,900+ patents analysed globally filed over five years
- 1100+ nation-state attack data of last 5 years analysed
- 24 countries’ data protection law analysed
The digital evolution: businesses must continue developments
The report included responses from the security leadership of 345 organisations across US, Europe and Asia Pacific Middle East and Africa regions, who each responded to 30 questions around trends, governance, security practices, collaboration and best practices.
The Wipro report offers security leaders insights into industry trends and allows them to better benchmark their use of cyber measures within the workforce. It offers insights into cybersecurity within four pillars of resilience:
· Cyber-attacks, breaches and law
· Enterprise cyber capabilities
· Future of cybersecurity
Wipro found that 32% of surveyed organisations are spending more than 10% of their IT budget for security, recognising that perhaps businesses are becoming more aware of the dangers of poor cybersecurity measures.
In addition, 61% of organisations are focusing on regional compliance and suggest that compliance in particular is currently a priority for businesses.
The top threats also remain the same, according to Wipro, with 81% of attacks being as a result of phishing having increased, alongside 79% being due to ransomware attacks.
Breach notification laws are also being strengthened globally, with 70% of the 23 countries analysed having strengthened breach notification laws. With this information, Wipro will hopefully be able to confirm if they need to take any actions to better achieve cyber resilience moving forward.
The report comes in the wake of The National Cyber Workforce and Education Strategy (NCWES) in the US stating that it is working to meet the evolving needs of the cyber workforce.
Recently announced by the Biden-Harris Administration, the proposed outline is designed to build upon the existing US cyber workforce and education system and work to address critical cyber workforce shortages.
It calls for greater knowledge and educational resources to be shared within the workplace to better combat cyber threats.
Unprecedented changes occurring across cyber industry
According to Wipro, CISOs are facing unprecedented changes across the cybersecurity landscape that are proving to be very disruptive.
The report has been released in line with industry professionals citing that the cyber industry is on the edge of an industry crisis as a result of an ever-increasing workforce skills gap. Security needs have changed and, as demand for skilled cyber experts has risen, the number of specialists in the market has not grown to match this.
In the midst of cloud adoption starting to increase in use across organisations, the new frontier of generative AI has resulted in greater amounts of data.
“Political and economic uncertainties, coupled with the rise of sophisticated new technologies, including generative AI and machine learning, is creating a widening cyber resiliency gap within many enterprises,” said Josey George, Editor of the report and General Manager for Strategy and M&A at Wipro CRS.
“The insights and recommendations in the State of Cybersecurity Report will help organisations identify security, risk and compliance concerns and provide a path to achieving more resilient operations that can support strategic, business-aligned objectives.”
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