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Cohesity Report Highlights Overconfidence in Cyber Resilience Amid Rising Threats

Posted on August 15, 2024August 15, 2024 By Martin Hinton

Much like the Dunning-Kruger effect, where individuals overestimate their abilities due to a lack of self-awareness, organizations worldwide fall prey to a similar bias in assessing their cyber resilience. A recent study commissioned by Cohesity, a firm in the AI data security and management, reveals that many companies believe they are well-prepared to handle cyber threats, only to grapple with prolonged recovery times and costly ransom payments when reality strikes.

The Cohesity Global Cyber Resilience Report 2024 surveyed over 3,100 IT and Security decision-makers across eight countries and uncovered a significant disconnect between perceived and actual cyber resilience. Despite their confidence, many organizations are struggling to recover from cyberattacks swiftly and are increasingly resorting to paying ransoms—often in direct contradiction to their policies. You can get the full report here; our takeaways follow.

The Widening Cyber Threat Landscape

The report highlights that the threat of cyberattacks, particularly ransomware, is intensifying. A staggering 96% of respondents believe that cyber threats to their industry have increased in 2024 compared to 2023. This sentiment is supported by the fact that 67% of organizations surveyed reported being victims of a ransomware attack in the past year. The findings indicate that no industry is immune, with the IT and technology sector, banking and financial services, telecommunications, and manufacturing being the hardest hit.

Despite this alarming increase in cyber threats, a significant proportion of organizations are overestimating their cyber resilience. While 78% of respondents expressed confidence in their organization’s ability to withstand and recover from cyberattacks, the reality is that only 2% could recover their data and restore business processes within 24 hours—a critical window for minimizing business disruption.

Cyber Insurance and the Rising Stakes

An increasingly important aspect of cyber resilience is the role of cyber insurance. The report reveals that while many organizations are turning to cyber insurance as a safety net, there are significant gaps in how prepared they are to meet the stringent requirements that come with these policies.

A notable 79% of respondents stated that advanced threat detection, data isolation, and data classification are critical to qualifying for cyber insurance or securing discounts on their policies. However, only 42% of organizations reported having the necessary IT and security capabilities to identify sensitive data and comply with applicable data privacy laws and regulations.

This gap between the need for cyber insurance and the ability to meet its demands suggests that many companies could face higher premiums or even be denied coverage if they cannot demonstrate robust cyber resilience. The report emphasizes that qualifying for cyber insurance should not be the end goal; rather, it should be a byproduct of a well-rounded and effective cyber resilience strategy.

The Confidence-Capability Paradox

One of the report’s key findings is the so-called “confidence-capability paradox.” While organizations feel assured in their cyber resilience strategies, the actual execution of these strategies falls short. For instance, although 98% of respondents stated that their targeted recovery time objective (RTO) in the event of a cyberattack was within one day, only a small fraction of companies could meet this goal.

The report outlines the grim reality: 18% of respondents said they could recover and restore operations within 1-3 days, 32% within 4-6 days, and 31% would need 1-2 weeks. Alarmingly, 16% admitted it would take more than three weeks to recover. This gap between strategy and execution underscores the urgent need for organizations to reassess and strengthen their cyber resilience frameworks.

Rampant Ransom Payments and Broken Policies

Another troubling trend highlighted by the report is the prevalence of ransom payments, despite widespread “do not pay” policies. According to the survey, 69% of respondents admitted to paying a ransom in the past year, even though 77% of these organizations had policies against doing so. This willingness to pay is driven by the desperation to restore business processes quickly, as 75% of respondents indicated they would be willing to pay over $1 million, and 22% over $5 million, to recover their data.

These payments not only defy internal policies but also contribute to the growing financial burden of cyberattacks. Beyond the ransom itself, organizations face additional costs, including lost business opportunities, reputational damage, increased cyber insurance premiums, and legal expenses.

Critical Gaps in Data Access Control and Zero Trust Security

The report also points to significant deficiencies in data access control measures, which are crucial for maintaining a Zero Trust security posture. Despite the importance of protecting sensitive data, nearly half of the organizations surveyed have not implemented essential controls like multi-factor authentication (MFA) and role-based access control (RBAC). Only 52% of respondents have deployed MFA, 49% have quorum controls requiring multiple approvals for changes to data, and 46% have implemented RBAC.

These gaps expose organizations to both external and internal threats, further weakening their cyber resilience. The report emphasizes that without robust data access controls, organizations cannot effectively secure their critical data or recover from cyberattacks.

AI-Based Cyber Threats: A Double-Edged Sword

As cyber threats evolve, organizations are increasingly encountering AI-powered attacks. According to the survey, 80% of respondents reported dealing with AI-based cyber threats in the past year. While AI can enhance an organization’s defense capabilities, it also presents new challenges. Of those who faced AI-driven threats, 82% claimed to have the necessary AI-powered solutions to counter them. However, 18% did not have such solutions in place, leaving them vulnerable to sophisticated attacks.

The report underscores the need for organizations to adopt AI-powered data security platforms to stay ahead of these emerging threats. As the threat landscape continues to evolve, leveraging AI will be critical to building and maintaining cyber resilience.

Conclusion: The Need for Continuous Vigilance

The findings of the Cohesity Global Cyber Resilience Report 2024 serve as a stark reminder that cyber resilience requires constant vigilance and continuous improvement. Organizations must move beyond overconfidence and address the gaps in their cyber resilience strategies. This includes implementing robust data access controls, regularly stress-testing their recovery processes, and adopting advanced security technologies like AI to counter the ever-evolving cyber threat landscape.

As the report concludes, the first step toward improving cyber resilience is recognizing the problem. By identifying and addressing these gaps, organizations can better protect their critical data, ensure business continuity, and reduce the financial and reputational impact of cyberattacks. In a world where cyber threats are inevitable, the ability to rapidly respond and recover is no longer a luxury—it is a necessity.

Source: Cohesity Research Finds Organizations Overestimate Their Cyber Resilience, Leading to Business Continuity Issues & Ransom Payments.

Other News: 1/3 of Ransomware Victims Did Not Recover Data Even After Paying Up(Opens in a new browser tab)

Other News: Columbus, Ohio, ransomware data might not be corrupted after all.

Cybersecurity, Cybersecurity Report Tags:Cohesity, cyber insurance, cyber liability insurance, Cyber Resilience, Cybersecurity

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SMB Cyber Threats - In this episode of the Cyber Insurance News Podcast, host Martin Hinton talks with Dan Candee, CEO of Cork Protection, about the rising tide of cyber threats targeting small and mid-sized businesses (SMBs). Dan shares his journey from Main Street entrepreneur to cybersecurity leader, offering real-world insight into the threat landscape, financial vulnerabilities, and how AI and managed service providers (MSPs) can help fortify business resilience.

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00:00 Introduction - Dan Candee and Cork Protection
02:27 The Importance of Cybersecurity for Small Businesses
05:29 Understanding Cyber Threats and Their Impact
08:26 The Role of Managed Service Providers in Cybersecurity
11:24 24Financial Protection and Cyber Insurance Solutions
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16:53 Navigating Cyber Insurance Policies
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21:52 The Future of Cybersecurity and Community Resilience
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29:05 Finals Thoughts and a bit of Hope!
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