With ransomware and distributed denial of service (DDoS) attacks on the rise, the average number of focused cyberattacks per organization has more than doubled this year compared to the previous 12 months.
Hackers are outpacing and adapting their techniques at a faster pace than defenders, and nearly half of all cyberattacks are resulting in financial damages over $500,000, including lost revenue, customers, opportunities and out-of-pocket costs.
A key factor in establishing trust is the presence of a Security Operations Center (SOC). The SOC is charged with monitoring and protecting many assets, such as intellectual property, personnel data, business systems and brand integrity.
Cyber attacks are the now the biggest threat to business in the eyes of investors, mirroring growing global concern from business leaders, according to a new study by PwC.
As ransomware continues to gain notoriety, cybercriminals are looking for more ways to get the most out of the malware that they develop. Similarly, other bad actors who may lack the necessary skills to develop malware themselves are looking for a way to get in on the action. This has led to an increase in ransomware-as-a-service (RaaS), a practice in which cybercriminals put their ransomware up for sale, where it is purchased and leveraged by other criminals who are technically unable to develop their own variants.
As cyber attacks increasingly threaten every aspect of business and grow in volume and scale, companies will be forced to take new measures to address cybersecurity risk holistically, integrating it more aggressively into their enterprise risk management.
The percentage of companies reporting financially motivated cyber-attacks has doubled over the past two years, with 50% of surveyed companies experiencing a cyber-attack motivated by ransom in the past year.
Black Book announced key findings from a Q4 2017 survey that found that more than eight in 10 provider organizations lack a reliable enterprise leader for cybersecurity, while only 11 percent plan to get a cybersecurity officer in 2018.
