Only 15 percent of organisations worldwide exhibit the level of readiness required to combat contemporary cybersecurity threats, according to a recent report.
Titled, “Cisco Cybersecurity Readiness Index: Resilience in a Hybrid World,” the report revealed that a significant majority of companies worldwide (55 percent) are classified as either Beginner (8 percent) or Formative (47 percent) in terms of their cybersecurity readiness, indicating that their readiness falls below average.
This disparity in preparedness is particularly concerning, given that a large proportion of respondents (82 percent) anticipate a cybersecurity incident disrupting their business in the next 12 to 24 months.
Developed against the backdrop of the COVID-19 pandemic, the Cisco provides insight into the areas where businesses are excelling, as well as identifying gaps in cybersecurity preparedness that will continue to expand unless proactive measures are taken by global business and security leaders.
The study gauged the level of preparedness of organisations in the face of contemporary threats. It assessed companies on five primary pillars, including identity, devices, network, application workloads, and data, along with 19 distinct solutions within these pillars that collectively determine the cybersecurity resilience of businesses.
Cisco noted that the consequences of being unprepared for cybersecurity incidents can be substantial, as 60 percent of respondents reported having experienced such an incident in the previous 12 months.
Furthermore, 41 percent of those affected stated that it cost them at least $500,000, highlighting the significant financial impact that cybersecurity incidents can have on businesses.
Fady Younes, Cybersecurity Director, EMEA Service Providers and MEA, Cisco, said, “As the Middle East is poised to take its position amongst the world’s top digital economies, there is one reality we can’t ignore with the significant reliance on digital technologies – both public and private organisations are increasingly being targeted by cyber-attacks.
“With the move to multi-cloud architectures and amid the rise of hybrid work, there is a critical need to focus on cybersecurity measures to fix the readiness gap. What organizations need is security resilience, where security is foundational to business strategy and is collectively prioritised throughout the organization, allowing companies to better anticipate threats and bounce back faster when a threat becomes real,” he added.
Finally, the report noted that despite awareness of cybersecurity risks, over half of global businesses (55 percent) have below-average cybersecurity readiness, with many falling into the “Beginner” or “Formative” stages.
However, 86 percent of businesses plan to increase their cybersecurity budget by at least 10 percent in the next 12 months. Companies that rank as “Mature” express higher confidence in their cybersecurity preparedness, while those in earlier stages exhibit less confidence.
