Cybersecurity Solutions for a Riskier World
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.
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.
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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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.
Sponsors and partners
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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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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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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.
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