Cyber threat preparedness lacking among execs

Cyberattacks and data breaches may have increased by 15.1% in 2021, compared with 2020, with attacks expected to even increase in sophistication in the next two years, but corporate cybersecurity executives in 1,200 public and private entities across 16 countries continue to lack preparedness for future threats, TechRepublic reports. Despite the share of security budgets in organizations' overall revenue increasing by 51% between 2021 and 2022, 44% of respondents noted significant security risks as a result of increased partners and suppliers, while 30% cited the inadequacy of cybersecurity spending, a ThoughtLab study revealed. Moreover, internet of things devices and other digital-physical hybrid systems have raised security risks for 25% of respondents, while 41% have noted that security initiatives have lagged behind digital transformation. The report also showed that new technologies and a skilled worker shortfall have been their biggest cybersecurity challenges. Organizations could be better prepared against imminent threats with proper cybersecurity frameworks, sufficient spending, and risk-based security, according to ThoughtLab.