Digital Transformation Exposes Companies to Cyber Attacks

A joint study by ESI ThoughtLab, WSJ Pro Cybersecurity, Security Industry Association, and other organizations reveals that organizations could be exposed to costly cyber attacks on account of digital transformations. 1,300 companies were surveyed in the study, and it was discovered that those organizations whose digital transformations surpassed their cybersecurity practices could be open to losses in excess of $1 million. Macy Bayern takes a closer look at the study’s findings in this article appearing in

Risks Increased

The study discovered that cybersecurity risks increased when companies adopted new tech, embraced open platforms and collaborated with partners and suppliers. Malware (81%), phishing (64%), and ransomware (63%), constituted the largest threats to businesses, as stated in the survey.
The survey goes on to say that they expect to see organizations exposed to even more attacks in the next two years via partners, customers, and vendors (+247%); supply chains (+146%), denial of service (+144%), apps (85%), and embedded systems (84%).

External Threats

As regards external threats, the study discovers that the biggest attacks to organizations were from unsophisticated hackers (59%), cybercriminals (57%), and social engineers (44%). The biggest threat, however, according to the report, was found to be on account of untrained staff members and this amounted to as much as 87%.
“Companies need to make sure that their cybersecurity programs keep pace with their digital transformation efforts,” said Lou Celi, CEO of ESI ThoughtLab and director of the study. He goes on to say that “Cybersecurity should not be an afterthought. It needs to be integrated into the fabric of an organization’s growth strategy.”

Investing in Cyber Security

Cybersecurity investment will be the key component to staying off attacks, according to the release. As such, companies are increasing cybersecurity investments by 7% this year, and 14% in the next year. Platform companies will see the largest increase, raising spends from 59% this year to 64% in the next year, added the release.

According to the release, some valuable tools companies can employ against cyber attacks, include, multi-factor authentication (90%), blockchain (68%), Internet of Things (IoT) (62%), and artificial intelligence (AI) (44%).

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