15% of Global Firms Face Cyber Incidents Amid Low Security Investment

Web DeskJanuary 10, 2024
15% of Global Firms Face Cyber Incidents Amid Low Security Investment

A recent study by Kaspersky, a global cybersecurity and digital privacy company, reveals that at least 15% of companies globally have faced cyber incidents in the last two years due to insufficient investment in cybersecurity. Critical infrastructure, oil & gas, and energy organizations were most affected by these incidents due to improper budget allocation.

The study also highlights that one in five companies worldwide admits to lacking the budget for adequate cybersecurity measures. Critical sectors such as telecommunications, transport & logistics, and financial services suffered cyber incidents due to budget constraints.

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Despite 78% of respondents claiming to be equipped to handle new threats, 21% reported insufficient funds for proper infrastructure protection. Additionally, 3% of companies mentioned having no dedicated budget for cybersecurity needs.

In response to these challenges, many companies plan to strengthen their cybersecurity in the next 1-1.5 years. The popular areas of investment include threat detection software and training, with 39% allocating budgets for educational programs for cybersecurity professionals and 38% for training general staff. Other measures include introducing endpoint protection software, hiring additional IT professionals, and adopting SaaS cloud solutions.

Ivan Vassunov, VP of Corporate Products at Kaspersky, emphasized the importance of aligning cybersecurity investment with business strategy and considering cybersecurity as a business goal. He also highlighted the need for modern approaches and technologies, such as investing in developing Security Access Service Edge (SASE) portfolios, Extended Detection and Response (XDR), and Managed Detection and Response (MDR) with integrated AI and machine learning.

Vassunov suggested implementing cybersecurity products with Advanced Anomaly Control, such as Kaspersky Endpoint Detection and Response Optimum, to maximize the budget and ensure effective cybersecurity.

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