Four hard cyber truths all business needs to hear

. The sudden onset of the Covid-19 pandemic forced many businesses to kick their digital transformation plans into overdrive which has led to a range of rushed projects. Meanwhile, rising geopolitical tensions has seen funding directed towards state-backed cyber crime groups rise.

This means there’s no escaping responsibility if a breach occurs. According to Deloitte’s Privacy Index 2023 survey, one-third of consumers have been impacted by a data breach in the past year and twice as many people blame the affected organisations rather than the cyber criminals behind the attack.This comes with obvious financial implications for companies. 80 per cent of survey respondents believe organisations should be liable for compensating their customers for personal data breaches.

Third, entire organisations need agility to respond to cyber threats. For many risks there is a reliance on historical data to help predict the future. However, cyber is different. Almost every week someone discovers a new vulnerability in commonly used software, or a new clever attack method is observed.The interconnected nature of the digital economy and the rising concentration around technology suppliers means attackers are visibly targeting these vulnerabilities to get to customers’ data.

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