Hacked companies are failing to attract and retain customers

Cyber security remains one of the most resonating topics of 2019 – not only from the C-level executives’ point of view of, but also the public perceives this issue as substantial, as a result companies are gradually realizing the risk of losing clients if they do not improve their cyber security.

In our work and conversations with more than a thousand clients across virtually all industry sectors, we consistently hear that boards, executive management, and technology leaders are struggling to connect the dots on a wide range of topics familiarly grouped under the heading of “cyber.” At the core of this struggle is a view that business executives and security professionals seldom speak the same language and—perhaps more important—they rarely approach cyber challenges in a way that integrates multiple competencies to create better business context and insight in their cyber strategies.

Cyber Attacks Are Evolving: We are in the midst of a significant shift in endpoint security. Faith in traditional solutions such as antivirus programs that rely on file scanning and signature matching has declined significantly in the face of new, fileless threats. The majority of organizations are replacing or augmenting these solutions with new security tools designed to stop fileless attacks, though many remain skeptical such attacks can be stopped at all.

Last year, over 40% of US businesses were compromised due to fileless attacks and exploits. Overwhelmingly, respondents cited that over-reliance on traditional endpoint security has left organizations exposed to significant risk. The Ponemon report findings also include:

• 54% of businesses were compromised in 2017.
• Fileless attacks are almost 10x more likely to succeed than file-based attacks.
• False positive rates for existing endpoint security solutions are nearing 50%.

To combat these threats, security must be given an increasingly louder voice in business. Organizations are starting to perceive the real impact of cybersecurity on business, with the results of the study showing that fears of the cost of an incident are forcing business leaders to give cybersecurity a larger portion of the IT budget (23%) and more attention in the boardroom than in previous years.

Reference:

https://www.cnbc.com/2019/09/03/half-of-hacked-companies-say-they-struggle-to-attract-new-customers.html