The average number of cyber attacks with the potential to cause damage or result in the loss of high-value assets more than doubled in the first month of this year per organisation compared to in January 2017.
That is according to a global survey of security experts by consultancy firm Accenture, finding that companies are responding well to the challenge, with 87% of attacks now prevented compared to 70% in 2017.
However, with 13% still penetrating defences, it is estimated that organisations face an average of 30 successful security breaches per year that cause disruption to their operations.
“While the findings of this study demonstrate that organisations are performing better at mitigating the impact of cyber attacks, they still have more work to do,” Accenture Security managing director, Kelly Bissell, said.
“Building investment capacity for wise security investments must be a priority for those organisations who want to close the gap on successful attacks even further.”
The average number of ‘focused’ cyber attacks – defined as having the potential to both penetrate network defences and cause damage, or extract high-value assets and processes – on companies in January 2017 and 2018 are shown below:
Respondents to the Accenture survey included 4,600 enterprise security practitioners representing companies with annual revenues of $1bn (£0.7bn) or more across 15 countries.
As well as preventing more attacks, it was found that organisations are taking less time to detect security breaches, with 89% doing so within a month on average, compared to only 32% last year.
It was also found that 55% take a week or less to detect a breach, up from 10% in 2017, although only 64% manage to identify all of them, which is similar to last year.
Yet despite this progress, the findings show that just two out of five organisations are currently investing in technologies like machine learning, artificial intelligence and automation.
The respondents also reported that cyber security programmes actively protect an average of only two-thirds of their organisation, with the majority agreeing that technology investment would be essential to improving security.
“For business leaders who continue to invest in and embrace new technologies, reaching a sustainable level of cyber resilience could become a reality for many organisations in the next two to three years,” Bissell added.
An increasing reliance on data and IT systems has seen cyber incidents shoot to the top of the most pressing risks facing businesses worldwide, research by Allianz has uncovered.
17 January 2020
The majority of risk managers worldwide cannot adequately assess the threats posed by new technologies, research by Accenture has found.
10 December 2019
Financial institutions will save $7bn (£5.43bn) by 2024 thanks to blockchain technology and the automation of customer checks, a market research firm has predicted.
05 November 2019
Why InsurTech? A Pressured Insurance Value Chain
By Andrew Sagon, Andrew Johnston and Matthew Wong
InsurTech is a burgeoning phenomenon that is modernising the insurance industry. It is disrupting the traditional value chain whereby insurers offer loss protection, and shifting the emphasis to risk mitigation. Incumbents face disintermediation as investors in search of higher yields pour money into insurance-linked instruments in the capital markets. And entrepreneurial businesses are targeting friction costs and inefficiencies within every aspect of the traditional value chain.
Nimbleness and agility will unlock potential
By Elinor Friedman, Andrew Harley and Klayton Southwood
Recent Willis Towers Watson surveys in the U.S. have shown that P&C and life insurers in developed markets are taking seriously the potential of big data and predictive analytics to improve their businesses. Nimbleness and agility, rather than brute force, are likely to be key to realizing that potential.
Driven by technology, toolkits and talent
By Claudine Modlin and Graham Wright
Advanced analytics is helping some insurers offer innovative products and solutions. What do insurers need to know about the changing nature of analytics and whether it is worth the investment? Claudine Modlin and Graham Wright discuss technology, toolkits and talent — topics that may help you decide.
Risk transfer is part of a comprehensive solution
By Adeola Adele, Patrick Kulesa, Kevin Madigan and Alice Underwood
Given the dynamic nature of cyber-risk, taking a multidimensional approach that integrates board governance, technology solutions, behavioral change and risk transfer solutions can help reduce risk to a manageable level.