in recent years we still remain confused. The pandemic resulted in a widening of threat vectors that many businesses were not fully prepared for, but given the frequency and potentially devastating effect of a cyber attack, one would think that businesses are taking security more seriously.
“The toll of almost three years of unrelenting workplace disruption, digital transformation and ransomware attacks means just 4% of regional business leaders are confident in their organization’s ability to manage cyber risks,” Marsh explains in a press release sent to Hypertext. “According to the report, business leader’s confidence in their organization’s core cyber risk management capabilities – including the ability to understand/assess cyber threats, mitigate/prevent cyber-attacks, and manage/respond to cyber-attacks – remains a major concern for the region’s business leaders – with over three quarters having no confidence in their own organization’s cyber resilience,” the release adds.
With 60 percent of respondents stating that they have not conducted a risk assessment of their vendors or supply chains, the situation is growing increasingly precarious. Add to that the fact that 37 percent of organisations admitted to not having any kind of cyber insurance in place even though it is a key element in managing cyber risk, and the outlook is even worse.
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