Business Pros Admit Their Inability to Prevent Cyberattacks

Business Pros Admit Their Inability to Prevent Cyberattacks

Capital Markets CIO Outlook | Friday, November 30, 2018

Cyberattacks are inevitable for organizations that are vulnerable and don’t pay heed to cybersecurity. According to a report by Ponemon Institute, an independent research company and Illusive Networks, a cybersecurity firm, nearly two-thirds of business professionals admit that they are not confident in their capabilities to prevent cyberattacks from happening. The report examined the level of organizations effectiveness against silent attackers.

A total of 627 IT and IT security practitioners participated in the survey. Out of all the participants, only 28 percent rated themselves a 7 or above in their ability to locate recklessly stored user credentials. Only 40 percent of organizations rated themselves 7 or higher on their ability to detect the same type of attack. Organizations are spending on threat detection, but they are hesitant to spend on preventive security control. This hesitation can be detrimental to organizations.

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Attackers use valid credentials that the organization itself creates to hack the system making it difficult to locate them. All organizations are at risk. A plan, program or security measures should be in place to detect and pre-empt against pernicious threats. Communication is the key to prevent such threats, and business leaders must follow the norm of communicating among each other and inside the organization. This lack of communication and inability to prioritize attacks is the reason behind the ineffective incident response. Majority of organizations can tell what services were impacted after an attack happens. 

There are several kinds of cyber attacks which can be detrimental to an organization. Here are a few attacks that organizations should watch out for:

• Spyware
• Distributed Denial Of Service Attack (DDoS)
• Phishing
• Brute Force Cyber Attack
• SQL Injection Attack
• Cross-Site Scripting (XSS)

When a data breach happens, a cybercriminal successfully infiltrates into the organization's data source and extracts sensitive information. All organizations are prone to attacks. In a cyber attack, organizations millions of users are exposed. It may be for a couple of hours, but it is devastating for an enterprise. Personal information of the consumers like their names, addresses, and email addresses are compromised in such attacks. In some cases, payment card records are hacked, and the attackers can further steal money. Not only organizations but the military contractors are vulnerable to such attacks. Adequate security to protect user data and stricter regulations should be a part of company policy.

See Also: CIOReview Magazine 

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