According to new research from the cybersecurity company Kaspersky, 90% of companies have concerns about their cyber-resilience in the event of a crisis, despite the number of data breaches being at an all-time high.
The report — which surveyed over 1,300 business leaders across a number of countries in Europe, Asia, North America, and South America — also revealed that cybersecurity incidents, like data breaches, would be the second most challenging crisis for companies to deal with.
As inflation rates rise to record highs and the US teeters on the edge of a recession, it's not surprising that business owners have other concerns on their minds. However, with data breaches costing US businesses $9.44 million in 2022 alone, failing to prioritize IT security could prove to be a costly mistake.
Only 10% of Businesses Are Free From Cybersecurity Concerns
As businesses continue to find ways to remain competitive in the face of economic uncertainty, they are required to fight their battles on multiple fronts.
As the results of a new Kaspersky have found, 90% of companies have doubts about their company's resilience in the face of a cyberattack. Among the doubts these companies are having, data breaches appear to be the biggest concern (41%), with understanding emerging risks (34%) and IT system failures (34%) trailing close in second place.
Cyberattacks aren't the type of crisis business owners fear most, however. Kapersky's report revealed that key decision makers are most worried about a sudden and dramatic fall in sales. Macroeconomic factors, technology failure, and environmental catastrophe were also high on the list of businesses' top concerns, with rent issues only being cited by 2% of respondents.
However, while cyber threats may not top the list of potential crises, they are a major source of anxiety for business leaders — and these worries are not unfounded. New research from Tech.co has revealed that businesses are continually failing to make adequate investments in cybersecurity. This is especially the case for smaller businesses, with fewer than 30% of them considering security a top budget priority. This figure rose to 36% and 42% for medium and larger businesses respectively.
Our data also revealed a stark disparity across industries, with utilities, engineering, and legal services pumping the most funding into bolstering their cyber defenses, and retail, wholesale, and hospitality businesses investing the least.
But boosting your cyber spending is only one way to prepare your business for a potential crisis, it's important to follow the correct protocol. So, if your business is anxious about the current threat climate, rest assured, there are also practical, cost-effective measures you can take to mitigate cyber risks.
How to Prepare for a Crisis, According to Experts
According to Alexey Vovk, Head of Information Security at Kaspersky, here are some free key ways to close your cybersecurity gaps.
- Identify your critical business assets, and make sure they are protected and regularly backed up.
- Understand the risks to your business by keeping up to date with threats that may impact your business.
- Make a list of key contacts you could turn to in the event of an attack. E.g., suppliers, banks, IT responders, and incident response services.
- Educate and train your employees on how to spot potential cyber incidents.
- Develop and approve PR-statement templates in advance.
Investing in effective cyber solutions doesn't need to cost the world either. Businesses can purchase vital solutions like antivirus software for less than $4 a month. If you're interested in shielding your businesses against threats without breaking the bank, here's our breakdown of the top antivirus tools on the market.