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Cybersecurity Solutions for a Riskier World

Cybersecurity Solutions for a Riskier World
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How business and government can protect themselves in the emerging risk landscape

ThoughtLab announced the findings of its 2022 cybersecurity benchmarking study, Cybersecurity Solutions for a Riskier World. The study analyzed the cybersecurity strategies and results of 1,200 large organizations across 14 different sectors and 16 countries, representing $125.2 billion of annual cybersecurity spending.

The research revealed that the pandemic has brought cybersecurity to a critical inflection point. The number of material breaches respondents suffered rose 20.5% from 2020 to 2021, and cybersecurity budgets as a percentage of firms’ total revenue jumped 51%, from 0.53% to 0.80%. During that time, cybersecurity became a strategic business imperative, requiring CEOs and their management teams to work together to meet the higher expectations of regulators, shareholders, and the board. In addition, the role of the chief information security officer (CISO) expanded, with many taking on responsibility for data security (49%), customer and insider fraud (44%), supply chain management (34%), enterprise and geopolitical risk management (30%), and digital transformation and business strategy (29%).

Yet 29% of CEOs and CISOs and 40% of chief security officers admit their organizations are unprepared for a rapidly changing threat landscape. The reasons cited include the complexity of supply chains (44%), the fast pace of digital innovation (41%), inadequate cybersecurity budgets and lack of executive support (both 28%), convergence of digital and physical assets (25%), and shortage of talent (24%). The highest percentages of unprepared organizations were in critical infrastructure industries: healthcare (35%), the public sector (34%), telecoms (31%), and aerospace and defense (31%).

Over the next two years, security executives expect an increase in attacks from social engineering and ransomware as nation-states and cybercriminals become more prolific. Executives anticipate that these attacks will target weak spots primarily caused by software misconfigurations (49%), human error (40%), poor maintenance (40%), and unknown assets (30%).

As part of ThoughtLab’s evidence-based research, its economists assessed the cybersecurity performance of corporate and government organizations against 26 metrics, including times to detect, respond to, and mitigate a cybersecurity breach, as well as the number of material breaches suffered. The benchmarking study revealed 10 best practices that can reduce the probability of a material breach and the time it takes to find and respond to those that happen.

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Webinar: Cybersecurity Solutions for a Riskier World: Benchmarking investments, results, and best practices 

Listen as ThoughtLab, Resolute Strategic Services, Booz Allen Hamilton, and cybersecurity experts discuss how business and government can protect themselves in the emerging risk landscape. This webinar examines key findings from a ground-breaking benchmarking study of 1,200 worldwide companies across industries and world markets, conducted in conjunction with a diverse group of cybersecurity leaders from the corporate, government, and academic communities.

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Latest insights

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World's Largest Cybersecurity Benchmarking Study Finds that Top Executives Believe their Organizations are Not Prepared for New Era of Risk

This landmark study provides private- and public-sector leaders with evidence-based insights into the cybersecurity practices and investments that are most effective for mitigating risks. The study analyzed the cybersecurity strategies and results of 1,200 large organizations across 14 different sectors and 16 countries, representing $125.2 billion of annual cybersecurity spending

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Many security executives say they're unprepared for the threats that lie ahead

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Evidence-based research program is designed to help top executives and CISOs in the private and public sectors combat escalating cyberattacks. ThoughtLab, a global research firm, today announced its third annual cybersecurity benchmarking program, Cybersecurity Solutions for a Riskier Digital World, which will analyze the cybersecurity strategies of 1,200 companies across industries and world markets.

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In the News

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Forbes: Cybersecurity Strategies For A Riskier World

July 8, 2022
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Advisor Magazine: Cybersecurity Solutions For A Riskier World

June 6, 2022
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Forbes: Alarming Cyber Statistics For Mid-Year 2022 That You Need To Know

June 6, 2022
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InformationAge: 4 in 10 CISOs unprepared to stop attacks

May 19, 2022
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MSSP Alert: 10 Best Cybersecurity Practices to Mitigate Top 5 Security Weak Links

May 19, 2022
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IT Brief Australia: ThoughtLab reveals 10 best practices for cybersecurity in 2022

May 13, 2022
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Security Brief NZ: ThoughtLab reveals 10 best practices for cybersecurity in 2022

May 13, 2022

SC Magazine: Cyber threat preparedness lacking among execs

May 12, 2022

Relevant Thought Leadership Work

Cybersecurity Solutions for a Riskier Digital World is the third program in a series of ground-breaking multi-client studies ThoughtLab has produced on cybersecurity trends.

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Driving Cybersecurity Performance

Thoughtlab worked with a coalition of cybersecurity experts from leading companies and associations to answer a central question: How can firms drive the best cybersecurity performance in today’s complex digital world? 

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The Cybersecurity Imperative

ThoughtLab joined with WSJ Pro Cybersecurity and a group of prominent organizations to launch The Cybersecurity Imperative, a thought leadership program drawing on rigorous global research and analysis.

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Cybersecurity: A Smart City Imperative

The pandemic highlighted to cities around the world the importance of smart city programs—the use of technology, data, and innovative solutions to address their social, environmental, and economic challenges.

Contact Us

Successful thought leadership is a team sport, requiring close collaboration and the right blend of analytical, editorial, and marketing skills. For more information on how you can join this in-depth research initiative, please contact us today.

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Lou Celi
Chief Executive Officer
ThoughtLab
917.459.4614
louceli@thoughtlabgroup.com

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Gina Egan
Director of Marketing
ThoughtLab
203.246.3945
ginaegan@thoughtlabgroup.com

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