More businesses are spotting cyberattacks — but they still struggle to deal with them

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Businesses have gotten a lot better at spotting cyberattacks recently, but they still struggle to address the problem. As a result, they still suffer the consequences.

A poll of 1,309 IT and security professionals by security provider Netwrix found a sizeable proportion (79%) had spotted a cyberattack in the last 12 months, up from 68% a year ago.

For Ilia Sotnikov, Security Strategist at Netwrix, this is good news, since it forces organizations to react: “Growing security awareness at the executive level means a better understanding that the risks of security gaps extend far beyond downtime and data loss,” he said. “As a result, more organizations are investing resources into audits to investigate the root cause of a security incident to prevent similar events in the future.”

Paying the price of cyberattacks

When it comes to investing resources, 45% incurred unplanned expenses. Almost two-thirds (62%) signed up for cyber-insurance, or plan to have one within the next 12 months. 

This, according to Dirk Schrader, VP of Security Research at Netwrix, has made insurance companies tougher with their criteria: “Considering the high chances of a payout request, it’s no wonder the requirements for obtaining a policy have become stricter,” he said. “The survey shows that insurers are now more likely to require identity and access management as well as privileged access management.”

Tools such as identity and access management “significantly complicate” privilege escalation, he added. “As a result, the security team has more time to spot suspicious activity and respond to the attack before any serious damage occurs.”  

But the attacks are still causing serious damage: a fifth (20%) reported losing their competitive edge as a result of cyberattacks, 16% reported a decrease in company evaluation, and 13% were sued (up from 3% a year ago). For almost a fifth (16%), the financial damage was north of $50,000, while the percentage of those suffering no financial damage was reduced from 47% last year, to 38% this year. A fifth (19%) used their insurance policy last year. 

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