Around two-thirds (66 percent) of UK business leaders expect the threat from cybercriminals to increase in the next 12 months, according to the latest PwC Cybersecurity survey of business and technology executives.
In the past year, ransomware has had a significant impact on organizations already facing the challenges posed by the Covid pandemic, with 61 percent of executives expecting to see an increase in reportable ransomware incidents in 2022.
There is also concern about a broader increase in the next 12 months in cyber threats, including compromise of business email (61 percent) and malware through software updates (63 percent). 64 percent expect an increase in attacks on their cloud services over the next year, yet only 41 percent say they understand cloud risks based on formal assessments.
Richard Horne, President of Cybersecurity at PwC UK, says: “Even when their own cyber defenses are strong, organizations can be vulnerable to attack through their vendors. A sophisticated cybercriminal will always look for the weakest link. It is essential for business leaders to fully understand and manage their organization’s network of third-party relationships. Yet our research shows that less than half of UK respondents say they have responded to the growing threats posed by complex business ecosystems. “
There are also concerns about the complexity of the systems, 86 percent of respondents say that complexity in their organization is creating worrying levels of risk, and third-party cyber risks are an obvious blind spot.
In response to these issues, 63 percent are increasing their cybersecurity budgets over the next year, compared to 56 percent in last year’s survey. Additionally, nearly a quarter of organizations (24 percent) plan to increase their cybersecurity spending by 10 percent or more.
“As cybersecurity budgets increase, organizations are challenged to ensure they get the best return on their investment. Our research found that few organizations are sure they are reaping the rewards of increased spending. For example, while While 37 per cent of UK respondents said they had implemented cloud security at scale, only 18 per cent are realizing the benefits of their investment. The rest were not investing in this area or not yet I had implemented it at scale, “adds Horne. “To overcome this challenge and build greater confidence in their security investments, organizations must improve their cyber risk modeling and analysis. This ensures that increases in cyber budgets are allocated to priority risks and help build long-term resilience. term”.
You can get more information at PwC site.