The Global Cybersecurity Outlook 2022 report has revealed that ransomware attacks have increased as such by 151% in 2021. There were nearly 270 cybersecurity attacks per organization, with each successful security breach costing a company over $3.6 million. 

According to the Global Cybersecurity Outlook 2022 report from the World Economic Forum (WEF), ransomware attacks rose by 151% in 2021. The report has highlighted that digitalization has grown tenfold during the COVID-19 pandemic. The World Bank estimates that, by 2022, annual total internet traffic will increase by about 50% from 2020 levels. The pandemic has also shown us how interconnected all businesses are and how increased digitalization has thrust the global population onto a new trajectory of cyber threats and attacks.

59% of the cyber leaders believe that there is no difference between cyber resilience and cyber security, but it is not. Cyber security is protecting computers, data storage, and the internet, whereas Cyber resilience is anticipating and adapting to cyber-attacks. There is no anticipated component in cyber security, which is overall protection. Cyber resilience knows its enemy and cyber security doesn’t.

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Some findings from the report:

Personal cybersecurity concerns of security leaders include the following:

  • Infrastructure breakdown due to a cyberattack (42%)
  • Identity theft (24%)
  • Ransomware attacks (20%)
  • Loss of personal assets by a cyberattack (10%)
  • Other (4%)

The top three cyberattacks organizations are most concerned about are:

  1. Ransomware
  2. Social engineering
  3. Malicious insider activity

The top three cyberattack security leaders are most personally concerned about are:

  1. Infrastructure breakdown due to a cyberattack
  2. Identify theft
  3. Ransomware

Organizations are lagging in the following areas:

  • Prioritizing cyber security in business decisions
  • Acquiring leadership support for cyber security
  • Recruiting and retaining cyber security talents

The following factors should be considered while creating cyber security solutions:

  • Percentage of digital transformation made by an organization. A considerable amount greater than the transformation should be spent on cyber security.
  • Third-party software attacks
  • Malicious attacks
  • Regulatory requirements
  • Board direction
  • Media attention
  • Shift towards remote working

Reference: https://www.weforum.org/reports/global-cybersecurity-outlook-2022