Only one per cent of organizations in Canada have the ‘Mature’ level of readiness needed to be resilient against modern cybersecurity risks, according to Cisco’s 2024 Cybersecurity Readiness Index.
The 2024 Cisco Cybersecurity Readiness Index was developed in an era defined by hyperconnectivity and a rapidly evolving threat landscape. Companies today continue to be targeted with a variety of techniques that range from phishing and ransomware to supply chain and social engineering attacks. And while they are building defenses against these attacks, they still struggle to defend against them, slowed down by their own overly complex security postures that are dominated by multiple point solutions.
These challenges are compounded in today’s distributed working environments where data can be spread across limitless services, devices, applications, and users. However, 78 per cent of Canadian companies still feel moderately to very confident in their ability to defend against a cyberattack with their current infrastructure. This disparity between confidence and readiness suggests that companies may have misplaced confidence in their ability to navigate the threat landscape and may not be properly assessing the true scale of the challenges they face.
2024 Cisco Cybersecurity Readiness Index: Underprepared and Overconfident Companies Tackle an Evolving Threat Landscape
The Index assesses the readiness of companies on five key pillars: Identity Intelligence, Network Resilience, Machine Trustworthiness, Cloud Reinforcement, and AI Fortification, which are comprised of 31 corresponding solutions and capabilities. It is based on a double-blind survey of more than 8,000 private sector security and business leaders across 30 global markets conducted by an independent third party. The respondents were asked to indicate which of these solutions and capabilities they had deployed and the stage of deployment. Companies were then classified into four stages of increasing readiness: Beginner, Formative, Progressive and Mature.
Findings
Overall, the study found that only one per cent of companies in Canada are ready to tackle today’s threats, with 78 per cent of organizations falling into the Beginner or Formative stages of readiness. Globally, 3 per cent of companies are at a Mature stage. Further:
- Future Cyber Incidents Expected: 63 per cent of respondents said they expect a cybersecurity incident to disrupt their business in the next 12 to 24 months. The cost of being unprepared can be substantial, as 43 per cent of respondents said they experienced a cybersecurity incident in the last 12 months, and 46 per cent of those affected said it cost them at least US$300,000.
- Point Solution Overload: The traditional approach of adopting multiple cybersecurity point solutions has not delivered effective results, as 72 per cent of respondents admitted that having multiple point solutions slowed down their team’s ability to detect, respond and recover from incidents. This raises significant concerns as 62 per cent of organizations said they have deployed ten or more point solutions in their security stacks, while 17 per cent said they have 30 or more.
- Unsecure and Unmanaged Devices Add Complexity: 78 per cent of companies said their employees access company platforms from unmanaged devices, and 33 per cent of those spend one-fifth (20 per cent) of their time logged onto company networks from unmanaged devices. Additionally, 20 per cent reported that their employees hop between at least six networks over a week.
- The Cyber Talent Gap Persists: Progress is being further hampered by critical talent shortages, with 83 per cent of companies highlighting it as an issue. In fact, 35 per cent of companies said they had more than ten roles related to cybersecurity unfilled in their organization at the time of the survey.
- Future Cyber Investments Ramping Up: Companies are aware of the challenge and are ramping up their defenses with 40 per cent planning to significantly upgrade their IT infrastructure in the next 12 to 24 months. This is a marked increase from just 25 per cent who planned to do so last year. Most prominently, organizations plan to upgrade existing solutions (67 per cent), deploy new solutions (53 per cent), and invest in AI-driven technologies (50 per cent). Further, 96 per cent of companies expect to increase their cybersecurity budget in the next 12 months, and 78 per cent of respondents say their budgets will increase by 10 per cent or more.
To overcome the challenges of today’s threat landscape, companies must accelerate meaningful investments in security, including adoption of innovative security measures and a security platform approach, strengthen their network resilience, establish meaningful use of generative AI, and ramp up recruitment to bridge the cybersecurity skills gap.
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Guest Post: New Tools Are Needed by Technologists to Thrive in an ‘Experience is Everything’ World
Posted in Commentary with tags Cisco on April 16, 2024 by itnerdBy Gregg Ostrowski, CTO Advisor, Cisco Observability
Digital experience is now positioned at the heart of almost every organization’s strategic priorities. Whether it’s driving employee engagement to address skills gaps and boost productivity, reaching new and diverse audiences, or deepening relationships (and expanding revenue streams) with existing customers, businesses must deliver exceptional digital experiences to be successful. We’ve reached the point where “experience is everything.”
Globally, consumer demand for applications and digital services is on the rise, focused on innovative, personalized, and intuitive experiences. Brands failing to meet these expectations are being abandoned. Consequently, digital experiences have become a crucial battleground for businesses. Success here can attract customers, strengthen relationships, and boost sales, while failure results in losing customers, revenue, and reputation.
Not surprisingly, experience is now a key focus in boardrooms around the world. Recent research from Cisco reveals that 75 per cent of senior global business leaders emphasize the increased importance of digital experience for C-level executives in their organizations over the past three years. Consequently, they are pushing their IT teams to ensure applications and digital services are available, secure and performing at an optimal level at all times.
Visibility into application performance enables business leaders to identify opportunities and manage risk
In 80 per cent of organizations, C-level executives routinely receive reports on the performance of business-critical applications, digital services and their business impact. Business leaders are now diving deeper into application performance data to gain a comprehensive understanding of the experiences customers and employees have with their brand.
This trend is driven by two primary factors. First, leaders need insights into application performance to identify trends, highlight areas bringing substantial business value, and capitalize on these opportunities. Second, they aim to pinpoint potential availability, performance, and security issues that could significantly jeopardize digital experiences. They’re urgently looking to mitigate risk and avoid a revenue-impacting incident.
For example, in the retail sector, business leaders now want to be able to scrutinize the performance of every stage of the user journey, from sign-up to check-out. They want to analyze the speed and efficiency of every phase of the workflow, identify what is working well and where improvements could be made. And crucially, they want to know where vulnerabilities exist within applications in order to manage risk.
It’s a similar story in other industries. Leaders in financial services firms are placing a massive focus on digital experience monitoring to compete and win against emerging and disruptive digital-first competition, and within manufacturing, leaders are scrutinizing the performance of each process across their vast SAP landscapes.
Threats to Digital Experience Arise from Escalating IT Complexity
For IT teams tasked with developing, deploying, and sustaining applications, the stakes are higher than ever. They understand that even minor lapses in digital experiences could yield significant repercussions for their organizations.
The reality though is that most IT teams simply don’t have the tools and insights they need to manage modern application environments in an effective and sustainable manner. And, as a result, they’re stuck in a never-ending cycle of firefighting, trying to identify and fix application performance issues ideally before the end user experience is impacted.
Anybody working in or around an IT department will know how much more complex enterprise IT environments have become over recent years. The shift to cloud native technologies has left technologists trying to manage an increasingly fragmented and dynamic landscape, where everything is continually changing. Additionally, it has also exposed major visibility gaps across hybrid IT environments, where organizations are still deploying separate and siloed monitoring tools for on-premises and cloud native technologies.
Observability is essential for technologists to deliver exceptional digital experiences
To overcome this challenge, IT teams need to progress from traditional monitoring approaches and implement full-stack observability, to generate unified visibility across both cloud native and on-premises environments. With observability, IT teams can get real-time insights into IT availability and performance up and down the IT stack, from customer-facing applications right through to core infrastructure. And they can integrate security into the development lifecycle from day one, speeding up innovation and resulting in more robust applications.
With full-stack observability, IT teams can provide business leaders with a comprehensive set of metrics and insights related to experience – from number of unique sessions, average revenue per session and average revenue per transaction, through to ‘revenue at risk’ from potential outages, and overall user experience (based on defined workflows).
Ultimately, full-stack observability not only ensures seamless alignment with IT and broader business strategies, it also cultivates a common language between IT and business stakeholders, including C-level executives. This cohesion is essential for organizations looking to excel in a market where digital experience increasingly dictates commercial success.
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