2024 Cyber Resilience Report: Overconfidence and Gaps Unveiled in Security

TLDR:

• The Global Cyber Resilience Report 2024 revealed significant gaps between perceived and actual cyber resilience capabilities.
• Key findings include the overestimation of cyber resilience, growing concerns about ransom payments, slow recovery times, and deficiencies in data privacy compliance and zero trust security.

The Global Cyber Resilience Report 2024 presents an in-depth analysis of the current state of cyber resilience across various industries worldwide. Based on a survey conducted by Cohesity and Censuswide, involving 3,139 IT and Security Operations (SecOps) decision-makers from eight countries, this report sheds light on the significant gaps between perceived and actual cyber resilience capabilities.

The survey was conducted in June 2024 and covered public and private organizations in countries such as the United States, United Kingdom, Australia, France, Germany, Japan, Singapore, and Malaysia. The key findings of the report include:

1. Overestimation of Cyber Resilience: Despite high confidence in their cyber resilience strategies, organizations struggled to recover data and restore business processes within 24 hours of a cyberattack.
2. Ransom Payments: A growing concern as organizations showed willingness to pay high amounts to recover data despite having policies against such payments.
3. Slow Recovery Times: Organizations reported long recovery times, falling short of their recovery time objectives.
4. Insufficient Data Privacy Compliance: Many organizations struggled to identify sensitive data and comply with data privacy laws.
5. Zero Trust Security Deficiencies: Despite the availability of effective security measures, many organizations had not implemented them, leaving them vulnerable to threats.

The report also highlighted the escalating threat landscape, with ransomware attacks on the rise. Industries most affected included IT & Technology, Banking & Wealth Management, Financial Services, Telecommunications & Media, Government & Public Services, Utilities, and Manufacturing.

Recommendations for improvement included rigorous testing, drills, and simulations, participation in ransomware resilience workshops, automation of testing of backup data, and maintaining detailed documentation and recovery playbooks.

In conclusion, the report emphasized the urgent need for organizations to bridge the gap between their perceived and actual cyber resilience capabilities to protect critical data and ensure a more secure and resilient future.