Cyber attacks continue to rise as confidence falls

Cyber attacks continue to rise as confidence falls | Insurance Business

Cyber attacks continue to rise as confidence falls
The latest research into the occurrence of cyber attacks on global businesses has found that attacks are still on the rise while the IT industry doesn’t believe it is able to keep up with the hackers.

The 2015 Cyber Defence Report, collated by CyberEdge Group, found that over 70% of 800 security decision makers and practitioners had suffered from a cyber breach in the past year – representing an 8% increase from 2013.

More than 20% of those attacked had been breached more than six times, showing the need to continually develop and implement cyber strategy.

“Cyber threats hit an all-time high in 2014, in terms of not only the number of breaches but their impact on all aspects of business,” CEO of CyberEdge Group Steve Piper said.

The report found that over half of those surveyed now believe that a successful cyber attack is imminent through 2015, an all-time low for the survey.

“For the first time in our research, a majority of participants predict their networks will become compromised in 2015. These are indeed dangerous times, but there is still cause for optimism as organisations take active steps to prepare for the unexpected. Welcome to the new reality,” Piper continued.

Compared with 2013, when only 39% believed that a cyber attack would take place in the next 12 months, the IT industry seems to be admitting the difficult task of keeping the attackers at bay as more and more high profile victims fall to data breaches.

In response, IT budgets for 61% of those surveyed will rise over the coming 12 months, showing the growth that can be seen in the cyber insurance market.