Despite improving cybersecurity, 83% of businesses suffered a cyber hack in 2023 resulting in significant business damage including unscheduled downtime, loss of revenue and customer data and regulatory fines. As a result, 43% of CIOs feeling fully prepared for another breach.

CIOs also recognized the importance of connectivity infrastructure in supporting innovative growth. The Internet of Things and Private 5G were key investment areas highlighted by respondents, with 93% investing in or planning to invest in Private 5G for uses including improving customer and employee experiences, real-time inventory and asset oversight, connecting remote areas and even enabling new revenue streams.

Additional findings include:

• Respondents believe malware and ransomware (41%) pose a significant risk to their organization over the next 12 months, with a slightly similar portion saying the same for data breaches (36%) and phishing (35%).
• Of the 83% who experienced a cyberattack in 2023, the following were almost as equally common: fraud, third party-related compromise, hacktivism/website/social media defacement, denial of service/sabotage, data exfiltration, ransomware/extortion and cryptojacking.
• Almost all of those who experienced an attack faced a relatively equal range of consequences: unscheduled downtime, reputation damage, loss of revenue, loss of customer data, loss of employee data, regulatory fines.
• Only 43% of CIOs feel their business is completely prepared to handle another major security breach.

Read the full report here.