The Cybersecurity Maturity Report of 2023 Exposes Lack of Preparedness Against Cyberattacks within Organizations.
On March 23, 2023, an article was published in The Hacker News.
Just in 2022, worldwide internet attacks surged by 38%, causing severe business consequences such as loss of finances and compromised reputation. On the other hand, financial support for corporate security has taken a significant increase due to the rise of more advanced attacks and the introduction of cyber protection solutions in the market. Given the escalation of cyber threats, budget allocation, and solutions, it begs the question: are industries and countries adequately equipped to handle the present-day cyber danger?
CYE has recently released a report called Cybersecurity Maturity Report 2023. The report aims to answer the question of how strong cybersecurity is in various industries, countries, and company sizes. It provides insights on which industries and countries possess strong cybersecurity measures and which ones don't. The report also identifies the most common vulnerabilities present in today's cyber threat landscape.
The evaluation was conducted by examining information acquired from more than 500 establishments located in 15 different nations. The data was gathered over a period of two years and involved businesses from 11 different sectors and diverse scales of operation. It gauged the level of protection in seven distinct security fields, such as security relating to applications, networking platforms, remote access, and the management of identities, among others.
These are the main discoveries:
Key Discovery #1: More Money Does Not Equate to Enhanced Cyber Security
Norway came out on top for overall cybersecurity readiness, with Croatia and Japan following closely behind among all nations. Even though these three nations don't have the same cybersecurity budgets as countries like the US, UK, and Germany, they do possess advanced regulatory frameworks. The primary reasons for Norway, Croatia, and Japan's leadership position could be due to fast adoption of cybersecurity in these nations, along with collaborative planning between the governments and organizations. This study attests that having substantial financial investments don't automatically equate to high levels of maturity in cybersecurity.
Discovering Result Number Two: Tech Enterprises Obtain an Average Rating
The energy and financial industries have demonstrated the highest level of cybersecurity maturity across various sectors. On the other hand, healthcare, retail, and government agencies are lagging behind in terms of cybersecurity readiness. Interestingly, the tech industry scored an average level of maturity, possibly due to their expansive attack surface that requires more defensive measures compared to other sectors.
The mean result could be due to the fact that technology firms often embrace fresh technologies that may be especially prone to attacks and vulnerabilities. Moreover, these companies usually witness speedy expansion, which can pose an extra hurdle in maintaining robust cybersecurity measures.
Discovery #3: Small and Medium-Sized Enterprises Outperform Large Enterprises.
It's quite surprising that smaller and medium-sized companies have better cybersecurity scores than organizations with over 10,000 employees. This may be due to the fact that smaller companies have less to protect, making it easier for them to guard against potential cyber threats. Medium-sized companies seem to prioritize investing in cybersecurity solutions, which has helped boost their scores. On the other hand, larger organizations may struggle with maintaining a high level of cybersecurity due to the vast amount of data they need to safeguard.
Discovery #4: Roughly 30% of Organizations Have Inadequate Password Protocols
According to the research, 32% of companies are lacking in creating strong password policies, a simple issue that businesses have not properly addressed. Furthermore, 23% of companies have weak measures for verifying identity. This is alarming because these two problems make it easier for hackers to gain access with little effort.
To access the complete report, click on the download link.
Tips for Improving your Cybersecurity Level
The report's main message is that many organizations are not ready to handle cyberattacks. Nevertheless, these organizations can improve their cybersecurity abilities without spending a lot of money if they strategize and allocate funds effectively.
To keep themselves secure, groups should focus on their abilities instead of just buying equipment. They should do thorough evaluations to stop hackers from taking advantage of any weaknesses. And they should create a strategy to keep their cybersecurity in check, with high-ranking members making sure it's all going well. Products like CYE can make this easier by combining technology, people, and processes to oversee any cyber risks and gauge how urgent they are to address.
Book a demonstration to witness how you can enhance your cybersecurity level.
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