In a world in which literally every organisation depends on digital, cyber resilience is the ticket to survival and growth, and cybercrime can cost a business everything.<\/p>\n
It\u2019s strange then, that cyber risk and cyber resilience are still put on the backburner in discussions about corporate risk, strategy and opportunities.<\/p>\n
The latest annual Ponemon Institute and IBM Cost of a Data Breach Report<\/strong><\/a><\/strong> states the global average cost of data breaches reached an all-time high of $4.35 million this year \u2013 nearly 10% higher than last year.<\/p>\n For critical infrastructure organisations, the cost of a breach was around $4.82 million. Some 60% of the breached organisations had to raise the prices of their products and services as a result.<\/p>\n Organisations that are more cyber resilient fared better: those without Zero Trust frameworks in place had breach costs on average $1 million higher than those who did.<\/p>\n Organisations with incident response teams and regularly tested incident response plans were able to save $2.66 million, on average.<\/p>\n At a time of soaring costs and supply chain challenges, few organisations can afford the losses, downtime and reputational damage a breach would cause.<\/p>\n Cyber resilience should be at the top of the board\u2019s agenda, but in many cases, it is still seen as an IT imperative \u2013 until things go wrong, that is.<\/p>\n Ponemon Institute\u2019s Cyber Resilient Organization Report 2020<\/strong><\/a><\/strong> noted that the most cyber resilient organisations outperform others by more than 30% in their ability to prevent, detect, contain and respond to cyber-attacks.<\/p>\n In 2021<\/strong><\/a><\/strong>, the Institute found that cyber risk and ransomware attacks were getting worse, with 51% of respondents saying they had sustained a data breach over the last 12 months and 46% having had at least one ransomware attack over the past two years.<\/p>\n 61% of those that had fallen victim to a ransomware attack had paid the ransom, and in most of those cases, the attackers had demanded ransoms of over $1 million.<\/p>\n Despite the growing risks, only 23% rated their cyber resilience as a 9 or 10 on a scale of 1 to 10.<\/p>\n