According to Hiscox, nearly three quarters of global firms fell short of 'adequate cyber-readiness'.
Unsurprisingly, their statistics have shown a direct correlation between the amount of money companies are spending and how ready they are; "Some 21% of large companies ranked as cyber experts, versus only 7% of small firms, while cyber-experts spend twice as much on IT as those that failed the test ($19.8m versus $9.9m) and devote a higher proportion to cybersecurity (12.6% versus 9.9%)."
Money can of course be spent in different ways; software, training, hiring etc. Although, don't fall short and just think that the more money you throw at something the easier it is to fix... You need to come at it from all angles. For example, within an organisation, changing the perception of security as a whole can have a huge effect... Along with having the best bums in the best seats to move a business forward.
If you could pick one thing that is most important to getting an organisation Cyber-ready, what would it be?
- Budget allocation
The insurer’s Cyber Readiness Report 2018 used interviews with a representative sample of 4000 organizations in the US, UK, Germany, Spain and the Netherlands to assess their cybersecurity strategy and the quality of its execution. The annual report found that only 11% scored highly enough in both areas to be ranked as cybersecurity “experts,” while 16% achieved expert status in either strategy or execution, but not both. Yet the cyber-threat is well understood: two-thirds of respondents claimed it’s their top business risk, alongside fraud