The report provides fresh insights on how Artificial Intelligence (AI) will be leveraged as part of defender stratagems as more organizations lock horns with sophisticated cyberattacks and become more resilient. There has been an increase in R&D with 49% of the worldwide cybersecurity related patents filed in the last four years being focussed on AI and Machine Learning (ML) application. Nearly half the organisations are expanding cognitive detection capabilities to tackle unknown attacks in their Security Operations Center (SOC).
The report also illustrates a paradigm shift towards cyber resilience amid the rise in global remote work. It considers the impact of COVID-19 pandemic on cybersecurity landscape around the globe and provides a path for organizations to adapt with this new normal.
The fourth edition of the SOCR saw a global participation of 194 organizations and 21 partner academic, institutional and technology organizations over four months of research.
Additional highlights from State of Cybersecurity Report, include:
Global macro trends in cyber security
• Evolving threat patterns have emerged in the Consumer and Retail Sectors: 47% of suspicious social media profiles and domains were detected active in 2019 in these sectors.
Cyber Trends sparked by COVID-19 Global Pandemic
• Emerging post-COVID Cybersecurity priorities: 87% of the surveyed organizations are keen on implementing zero trust architecture and 87% are planning to scale up secure cloud migration.
• Strong Cybersecurity spend due to Board Oversight & Regulations: 14% of organizations have a security budget of more than 12% of their overall IT budgets.
Micro Trends: Best Cyber practices to emulate
• Concerns about OT Infrastructure attacks increasing: 65% of organizations are performing log monitoring of Operation Technology (OT) and Internet of Things (IoT) devices as a control to mitigate increased OT Risks.
Meso Trends: An overview on Collaboration
• Cyber-attack simulation exercises serve as a strong wakeup call: 60% participate in cyber simulation exercises coordinated by Industry regulators, National Computer Emergency Response Team (CERTs) and third-party service providers and 79% organizations have dedicated cyber insurance policy in place.
Future of Cybersecurity
Vertical insights by industry
• Communications: 71% of organizations consider cloud-hosting risk as a top risk.
• Consumer: 86% of consumer businesses said email phishing is a top risk and 75% enterprises said a bad cyber event will lead to damaged band reputation in the marketplace.
• Healthcare & Life Sciences: 83% of healthcare organizations have highlighted maintaining endpoint cyber hygiene as a challenge, 71% have highlighted that breaches reported by peers has led to increased security budget allocation.
• Energy, Natural Resources and Utilities: 71% organizations reported that OT/IT Integration would bring new risks.
• Manufacturing: 58% said that they are not confident about preventing risks from supply chain providers.
Bhanumurthy B.M, President and Chief Operating Officer, Wipro Limited said, “There is a significant shift in global trends like rapid innovation to mitigate evolving threats, strict data privacy regulations and rising concern about breaches. Security is ever changing and the report brings more focus, enablement, and accountability on executive management to stay updated. Our research not only focuses on what happened during the pandemic but also provides foresight toward future cyber strategies in a post-COVID world”.