2023’s Most Dangerous Cybersecurity Risks: Protect Your Business Now!

Small or big, all businesses today now face an undeniable truth: They are at the mercy of cybersecurity risks! This can be the summary of the report released by Sophos.

The report identified that almost all businesses had been subjected to cyberattacks in the previous year—94%, to be more accurate.

As we enter 2023, the threat landscape is only becoming more treacherous, with new and advanced threats emerging every day. Is your business prepared for what’s coming?

The study reveals that the concerns are raised because of the differing speeds of threats and defenders, where the threats have actually outpaced the defenders.

Here we’ll explore the top threats that keep defenders up at night, their potential business impact, and how businesses can proactively navigate the constantly evolving threat landscape to stay ahead.

Top Cybersecurity Risks Concerns

Cyber threatsRESPONDENTS SAYING
IT IS A TOP CONCERN
Data exfiltration (theft by an external attacker)41%
Phishing (including spear phishing)40%
Ransomware35%
Top 3 threat concerns

Today, 99% of IT professionals are worried about cybersecurity risks that may impact their organizations. Among them, data exfiltration (caused by external attackers) is the top concern. with phishing and ransomware close behind.

Cybersecurity risks

Another major threat to businesses is from active adversaries, who use real-time hands-on-keyboard actions to adapt their techniques and evade detection.

Defending Challenges

It is reported that IT professionals lack confidence in their security processes.

52 percent of organizations say that the cyber threats are just too advanced for them to deal with on their own.

The top three challenges faced by the organizations are:

Cybersecurity risks

This reveals the challenges in maintaining security controls and addressing the skills shortage, leading to exploitable gaps in defences.

Business Impact

The inability to defend against cyber security risks is causing devastating consequences for businesses.

In fact, 55% of respondents report that cyber threats negatively impact their IT team’s work on other projects. Moreover, 64% desire that their IT team focus more on strategic initiatives and less on resolving urgent security issues.

This worrying trend raises additional challenges and costs, including high recruitment, training, and retention costs for businesses.

Moving Ahead of Risks

To outdo attackers in 2023, organizations need a comprehensive approach. For this the report suggested the following:

  • have a process in place to quickly respond to incidents, minimize attack risks, and speed up response time.
  • have adaptive defences that adjust automatically to slow down attackers.
  • combine technology with human expertise to turbo-charge their defences, increasing speed, efficiency, and impact.

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