end-point
ANALYSIS high when it comes to having a lack of robust defense mechanisms .
The financial losses arising from incidents can rack up quickly . Among the 53 % of respondents whose organisations experienced a cybersecurity incident in the past year , 77 % estimated the financial impacts to be at least US $ 1 million , while one third ( 38 %) estimated the loss to be US $ 2 million or more .
Financial loss is not the only impact organisations have suffered . 38 % organisations have had to put growth plans on hold in the aftermath of an incident , and 37 % have had to lay off staff as a result of the financial impact . Other organisations have been subjected to legal action or been forced to pay fines as a result of incidents .
The financial losses arising from incidents can rack up quickly .
Learning from experience
What stands out from the Cloudflare data is that sectors in the region with higher attack frequencies , such as financial services and IT , report feeling more prepared for future incidents . This is logical – experience breeds resilience . This confidence also likely stems from the sectors ’ early adoption of advanced cybersecurity tools and practices , equipping them to handle the evolving threat landscape .
SolarWinds is a great example of a business that took significant steps to overhaul its security practices after a breach – and come out stronger . The company enhanced its software development process with its Secure by Design principle , adopted a Zero Trust architecture , and increased transparency by openly communicating with customers and regulators . SolarWinds also collaborated with cybersecurity experts to continuously improve their defences , while contributing to industry-wide efforts to bolster software supply chain security . These actions helped the company recover , educate the wider sector and become more resilient against future cyberthreats .
Christian Reilly , Field CTO EMEA , Cloudflare
WWW . INTELLIGENTCISO . COM 73