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The report highlights the rising fears about how the growing political instability across the globe, including events like Russia’s invasion of Ukraine, could result in a catastrophic cyberattack.
Following the onset of the coronavirus pandemic, the global supply chain became more dependent on automation, and a large number of countries and private sector organizations lack the existing investment or the available number of workers to mitigate the impact of such an event.
Julie Sweet, Accenture chair and CEO, referenced data showing 43% of business leaders said they expect such a cyber event to have a material impact on their businesses, while only 27% believe they are cyber resilient.
“The gap between cyber resilient companies and the likelihood of a materially catastrophic event is significant,” Sweet said.
Albanian Prime Minister Edi Rama noted the country has been under an extensive cyberattack that began in the summer of 2022 from actors backed by Iran, pointing out the toll it can take on a relatively small country like his in terms of resources.
“It’s not something we can match in terms of finance, in terms of ruthlessness, in terms of anti-democratic behavior and so on,” Rama said.
As previously reported, the U.S. Treasury Department in September announced sanctions linked to this activity, with officials linking the threat actors to an APT group known as MuddyWater.
Jürgen Stock, secretary general of Interpol, said combating cybercrime will require victims of these crimes, including companies and individuals, to come forward and cooperate.
Companies need to do more to anticipate cyberthreats, because cyber criminals are outsourcing attacks through ransomware as a service operations and using much more sophisticated methods to launch attacks.
“The criminals are investing their huge profits into new tools, into the sophisticated tools,” Stock said at the press conference. “We have to make sure we keep pace, but also that we are further developing the global architecture of security.”
C-suite executives are becoming more aware there is a global problem with cybersecurity, said Nikesh Arora, chair and CEO of Palo Alto Networks. But the industry is behind due to years of underinvestment.
“That’s the sort of part we all have to work on collectively,” Arora said. “Nobody seems comfortable that they have it under control.”
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The agency placed a premium on low cost, high impact security efforts, which account for more than 40% of the goals.
Enterprise cybersecurity is navigating market turmoil and vendor consolidation. Here’s what experts expect to happen to the industry in 2023.
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The agency placed a premium on low cost, high impact security efforts, which account for more than 40% of the goals.
Enterprise cybersecurity is navigating market turmoil and vendor consolidation. Here’s what experts expect to happen to the industry in 2023.
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