• Register
Return to: Home > News > Organisations are still at high risk of common cyber-attacks

Organisations are still at high risk of common cyber-attacks

Cyber-attacks pose high risks for organisations as common attacks remain successful in exploiting vulnerabilities already known to the organisations, and only 12% think they are likely to detect a sophisticated cyberattack, according to a survey by EY.

The 20th annual EY Global Information Security survey (GISS) of 1,200 C-suite level leaders from global organisations found that malware (64% compared to 52% last year) and phishing (64% compared to 51% last year) were perceived as the rising threats of the last 12 months. Although, the threat of internal attacks, and attacks to steal financial information, IP or data have dropped. Additionally, 77% agreed the vulnerability of careless or unaware employees was the most likely attack source.

Currently, 75% of respondents rated the maturity of their vulnerability identification as “very low to moderate” and 12% have no formal breach detection program in place, with 35% describing these policies as ad-hoc or non-existent. Therefore, 56% are concerned about increasing cyber threat impacts and are planning to change their strategies due to increasing cyber threats, risks and vulnerabilities from increased connectivity and technology.

However, 87% of respondents said they require 50% more funding in order to address this, and 90% expect higher budgets this year, with 12% expecting to receive an increase of more than 25%. However, in order to improve preparedness, 52% do have a Security Operations Center (SOC) and 43% have an informal threat intelligence program.

While 50% said that they report to the board regularly, only 24% said the person with responsibility for cybersecurity sits on their board and 17% think boards have sufficient cybersecurity knowledge for oversight. Twenty percent admitted they did not have enough current information on security implications and vulnerabilities to conduct a review.

Top Content

    The UK: uncertain waves rule Britannia

    he UK’s accountancy profession is currently in a period of much uncertainty. The Competition and Markets Authority (CMA) has released its review into the listed audit market which could cause the biggest shake-up the profession has seen in years, the Kingman Review has described the Financial Reporting Council (FRC) as not being fit for purpose and called for it to be replaced. All the while the country remains in a deadlock on Brexit negotiations.

    read more

    Views from the Eurozone

    With Brexit looming, populist governments gaining footholds in a number of countries and movements such as the Yellow Jacket protests in France, 2018 was anything but a quite year for the eurozone. Here leaders report to the IAB on their markets.

    read more

    Eastern promise and how to find it

    With China rising as a global power, Jonathan Minter spoke with ShineWing’s Zhang Ke and Marco Carlei at the World Congress of Accountants 2018 in Sydney, to discuss the cultural challenges that occur when Chinese networks look beyond their border, and the dividends available for those who overcome them.

    read more

    Spain: looking to widen demand

    As Spanish accounting professionals prepare for new audit regulations, the Paul Golden asks what they need to do individually and at firm level to maintain and increase demand for their services.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.