ADVERTISEMENT

Companies Still Unprepared for Cyberattacks

Innovation

Shutterstock.com

On average, companies faced more than 40 cyberattack attempts last year, and even a single successful breach may cause millions of dollars in damage, according to a global survey of 500 senior executives and IT security professionals by EY.

The vast majority of respondents (76%) said it takes at least six months to detect and recover from cyberattack-related damages. The biggest challenges for companies are to protect the myriad of entry points (52%) and to ensure that security measures do not come at the expense of innovation, which is key to growth (50%).

Only a fifth of respondents consider their companies' preparedness to be adequate. Half of the professionals consider that the training provided by their organization is not effective enough, and only a third (36%) are satisfied with the way the recommended data protection procedures are applied in their company on a day-to-day basis.

"Cyberattacks are one of the most serious business risks today, while the 'it can't happen to me' mindset is still prevalent among companies around the world, including in our country. Decision makers must first accept that there are two types of companies in Hungary today: one that has been attacked and one that is unaware that it has been attacked," said Mihály Zala, head of Cybersecurity Services at EY.

The expert added that once this realization happens, companies will be shocked to learn that often very simple solutions, such as proper training of colleagues, can drastically improve the security level of an organization.

While the number of known cyberattacks has increased by around 75% in the last five years, the damage caused by ransomware is predicted to reach USD 265 billion by 2031, up from USD 20 bln in 2021.

"A significant proportion of attacks today are due to human error. A colleague responds to a phishing email, attaches a found media to a company computer, uses public networks to surf the internet while working remotely, and so on. It cannot be stressed enough that these incidents can be easily prevented with training, regular testing, and continuous improvement, something that a consultant can provide immediate and effective help with," added Zala.

HuPRA's Report Highlights Crisis Comms Trends in 2023 Analysis

HuPRA's Report Highlights Crisis Comms Trends in 2023

Informal EU Foreign Ministers Meeting Moved from Budapest to... EU

Informal EU Foreign Ministers Meeting Moved from Budapest to...

Bumchun Plows EUR 21 bln Into Expansion in Hungary Automotive

Bumchun Plows EUR 21 bln Into Expansion in Hungary

CATL Debrecen Becomes Sponsor of Campus Festival In Hungary

CATL Debrecen Becomes Sponsor of Campus Festival

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.