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Study Shows Businesses not prepared for Attacks

cyber crime
cyber crime

Amazing: With the proliferation of cyber attacks globally, most businesses are ill-prepared to deal with this, says research from the Economist Intelligence Unit and Arbor Networks.

Perhaps businesses have an “It won’t happen to us” mindset, even though hackers steal the most sensitive data, force the company to make enormous payments to fix the situation, and crush its customers’ trust, in turn damaging future profits. It’s a pebble-thrown-into-a-pond effect: Those ripples just keep going out and out.

Haven’t companies learned from that giant retailer breach in December of 2013? That big retailer was left toppled. Companies don’t realize that if they nickel-and-dime security, they’ll get what they pay for.

The research turned up the following after surveying 360 senior business leaders in organizations nationwide and in Europe and Asia-Pacific:

  • 77 percent experienced a security breach within the past two years.
  • 38 percent lack a response plan for a cyber attack.
  • 17 percent believe they’re “fully prepared” for a cyber attack.
  • Many of the survey participants reported that they relied upon IT departments to deal with the issue of cyber threats. However, companies that indeed suffered a data breach within the past two years were actually twice as likely to have relied upon a third-party IT team.
  • 41 percent of business decision makers believe that a more solid understanding of risks and potential threats would assist them in being better prepared, but, oddly, only one-third of businesses share concerning situations with other businesses for the sake of spreading best practices and information.
  • 57 percent do not report incidents on a voluntary basis if they’re not legally required to do this.

Interestingly, while 41 percent of business decision makers believe that a more solid understanding of potential threats would increase preparedness, only one-third of businesses are willing to share information with other businesses about incidents concerning data security.

The big message regarding cyber attacks on businesses all over the world: It’s not “if,” it’s WHEN.

Robert Siciliano is an Identity Theft Expert to AllClearID. He is the author of 99 Things You Wish You Knew Before Your Identity Was Stolen See him knock’em dead in this identity theft prevention video. Disclosures.