An unnervingly giant share of corporations are underprepared on the subject of knowledge safety, in accordance with a brand new cybersecurity research from worldwide legislation agency Pillsbury Winthrop Shaw Pittman.
Conducted in partnership with Mergermarket, the survey polled company board members, C-level executives and in-house counsels. Among its key findings have been:
- While the overwhelming majority of executives within the monetary providers and telecommunications, media and expertise sectors are assured of their present cybersecurity capabilities, solely 34% of respondents within the power, mining and utilities sector felt the identical
- Only 2% of respondents mentioned C-level executives had final duty for cybersecurity issues at their organizations, and one out of six didn’t have a devoted in-house cybersecurity response group
- Only 51% of survey respondents had devoted cyber insurance coverage, and solely 47% had a company coverage in place for responding to ransomware assaults
- Despite the velocity and complexity of cybersecurity and knowledge privateness regulation, one in three respondents mentioned they didn’t have somebody on workers actively monitoring associated authorized developments
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“More and more companies are handling sensitive data, and some industry experts project global annual losses from cyber threats to reach $10.5 trillion by 2025,” mentioned Deborah Thoren-Peden, Pillsbury associate and co-leader of cybersecurity, knowledge safety and privateness for the agency. “While many companies feel pretty confident in their current cybersecurity infrastructure, the stakes are simply too high not to scrutinize their cybersecurity programs carefully, especially given the inconsistencies we’ve found through our survey.”