US Companies Unrealistic About Cybersecurity Skills

Cyberattacks are increasing, with the most significant malicious activity so far detected in the finance, professional and information sectors This is followed by manufacturing. Despite the increasing number of data breaches in critical sectors, there are discrepancies in how executives see cybersecurity and the threat landscape.

Some fear an attack is inevitable now but others display unrealistic confidence in their risk mitigation strategy, FICO research states.FICO's research reveals that 63 percent of executives predict an increase in security incidents and data breaches in coming months, but the most fearful are those in the financial services and retail and e-commerce.

As many as 80 per cent fear attack volumes will skyrocket, while only 39 per cent of telcos share that belief. On average, some 64 per cent of respondents predict a significant increase in cybersecurity budgets in the coming year.

FICO’s 2018 report states that only 33 per cent of respondents noticed an increase in the number of attacks this year, compared to 61 per cent in the previous annual report, while nine per cent say they decreased.

“This could be a reflection that the volume of attacks in the USA is starting to stabilise after a period of significant growth,” reads the report. “There were differences in the rate of attack by industry, which could indicate that cybercriminals are targeting attacks against certain types of organizations—perhaps those they perceive have the weakest defences.”

More on the FICO report is available here.

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