The effect of cyberattacks around the world were analyzed in a recent report by Fastly. According to the report, businesses lost 9% of their revenue over the last 12 months as a direct result of cyberattacks.
The report found that organizations also highlighted network outages (34%), data loss (29%), web applications being taken offline (24%) and customer account compromises (22%) as the most common damages caused by security breaches.
Seventy-six percent of organizations are planning to increase their cybersecurity budgets in the next year. Despite this increase, uncertainty continues to reign in security teams, with 35% of security professionals feeling they spent too much on cybersecurity tools in the last 12 months, compared to 18% who feel they did not spend enough.
Thirty percent of cybersecurity professionals estimate that security issues in the last 12 months were caused by the talent shortage, with 33% predicting this will continue in the next 12 months. According to the report, over the past year 47% of businesses have increased their talent-specific budgets to solve the problems presented by the existing talent pool.
A lack of experience dealing with new threats (46%), a lack of necessary skills (36%) and an inability to work at scale (36%) are seen by security professionals to be the core challenges facing the talent pool.
Read the full report here.