Netwrix, a cybersecurity company that aims to simplify data security, has recently released its annual report on Hybrid Security Trends for the year 2023. The report highlights that within the last 12 months, 68% of organizations surveyed have experienced a known cyberattack. Among those, 16% estimated financial damage to be at least $50,000. Additionally, 40% of the breached organizations incurred unplanned expenses, while 10% suffered other serious consequences such as loss of competitive edge, decreased sales or customer churn.
To mitigate the financial risk associated with data breaches, organizations often opt for cyber insurance. The study revealed that 44% of organizations surveyed are currently insured, and 15% plan to purchase a policy within the next 12 months. However, 22% of organizations with a policy had to improve their security posture to be eligible for the insurance.
While cyber insurance has its benefits, it is important to remember that it cannot replace a strong security posture. As Dirk Schrader, VP of Security Research at Netwrix, notes, no policy can restore an organization’s data, operations, or reputation.
The survey also found that on-premises infrastructures are more vulnerable to cyberattacks than the cloud. Ransomware and other malware attacks were reported by nearly twice as many respondents for on-premises environments (37%) as for the cloud (19%). According to Dmitry Sotnikov, VP of Product Management at Netwrix, this vulnerability is due to sprawling privileges on the infrastructure level in on-premises environments. Malicious actors can abuse standing privileges to spread malware quickly across on-premises systems.
Other Survey Findings:
- 81% of organizations now use at least one cloud environment and more than a third (37%) of the remainder plan to adopt cloud technologies within 12 months.
- Phishing is the most common attack vector: 73% of respondents suffered this type of cyberattack on premises and 58% experienced it in the cloud.
- Account compromise attacks in the cloud continue to intensify, with 39% of respondents reporting it in 2023 compared to 31% in 2022 and just 16% in 2020.
- Risk associated with an organization’s own employees was the top data security concern, cited by 58% of respondents.
- The three main IT priorities for 2023 have remained the same since 2019: data security, network security, and cybersecurity training.
“Understaffing of IT teams is the biggest challenge to ensuring data security, cited by half of respondents. Therefore, it is crucial to build a security architecture that reduces the workload for IT and security pros. Automating routine tasks, choosing mature security products that produce fewer false positive alerts, and relying on a select group of trusted vendors that have an extensive portfolio and a unified support team can help mitigate the shortage of security personnel,” says Dmitry Sotnikov.
About Netwrix:
Netwrix makes data security easy. Since 2006, Netwrix solutions have been simplifying the lives of security professionals by enabling them to identify and protect sensitive data to reduce the risk of a breach, and to detect, respond to and recover from attacks, limiting their impact. More than 13,000 organizations worldwide rely on Netwrix solutions to strengthen their security and compliance posture across all three primary attack vectors: data, identity, and infrastructure.
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