According to a new study done by the World Economic Forum (WEF), the topmost business risk in the regions of Europe, North America, East Asia and the Pacific are the Cyber-attacks. The regional risks for doing business reports highlights the opinions of 12,000 executives from around the globe.
Cyber threats have moved from eighth rank in last year’s report to fifth position this year. Whereas “unemployment or underemployment” takes first place and “failure of national governance” in the second position.
Cyber attacks are considered to be a greater risk in more advanced countries as 19 countries from Europe and North America plus India, Indonesia, Japan, Singapore and the United Arab Emirates ranked it as number one. The UK and Germany has ranked cyber-attacks as the number one risk.
Bromium’s EMEA CTO, Fraser Kyne, stated that businesses are still suffering even though a huge amount estimated at $118bn on cybersecurity are being spent globally. He claims that while checking the reasons for breaches, it is apparent that email attachments, links and downloads are the most common methods used by hackers. It is the users themselves who provide the hackers with a hassle-free route to bypass security.
The simple attack techniques used by the hackers like sending infected mails or tempting the people to click links on malware infected social media sites are still effective as the architecture in which the cybersecurity is built is fundamentally flawed. Now there are lots of zero-day and other polymorphic malware being used to evade detection. Even the more sophisticated detection-based tools that makes use of machine learning, AI and behavioral analytics to identify abnormalities and patterns can be difficult to determine whichever is good or bad and they can’t be 100% accurate.
Mimecast cyber-resilience expert, Pete Banham, stated that attacks represent a clear risk to productivity and growth. New cyber-threats will continue to take advantage of weaknesses in systems and procedures particularly as global cloud computing vendors aggregate IT risks.
The major boardroom issues of today are business continuity and cybersecurity. The only way to mitigate these new risks is to adopt a strategy of cyber-resilience that brings together threat protection, durability and recoverability.