Organisations struggle to prepare effectively for cyberattacks; PwC
Executives worldwide acknowledge the increasingly high stakes of cyber insecurity yet remain unprepared
In the midst of an increase in the rate of cybersecurity breaches, PwC discovered that organisation still struggle to prepare and manage emerging cyber risks.
The Global State of Information Security Survey (GSISS) revealed that 40% of respondents cite the disruption of operations as the biggest consequence of a cyberattack, 39% cite the compromise of sensitive data, 32% cite harm to product quality and 22% say harm to human life.
Additionally despite the awareness, companies remain unprepared and lack the confidence to deal with such attacks. The survey highlighted that 44% do not have an overall information security strategy, 48% do not have an employee security awareness training programme, and 54% do not have an incident-response process.
Contributing to cybersecurity vulnerabilities is the increased production of insecure Internet of Things devices, which then leads to treats in data integrity and critical infrastructure. Furthermore, organisations also revealed that when attacked they are unable to identify the culprits.
Wael Fattouh, PwC Middle East Partner, Cyber and Technology Risk, said: "Often in the Middle East, organisations try to address their cybersecurity issues by buying the latest technology or implementing the best standards, but unfortunately that doesn't work on its own."
"Effective security must be achieved by smart and effective investments in people, processes, and technology together, that is the only way to ensure a proper and resilient level of protection."
The 2018 Global State of Information Security Survey was based on responses of more than 9,500 senior business and technology executives from 122 countries.