In the wake of Russia’s invasion of Ukraine and the shift to hybrid working, the Institute of Directors has found that 72% of business leaders view cyber risk as a significant concern for their organisation, with 58% believing that the risk of a cyber-attack on their organisation has increased.
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These findings show that the geopolitical climate and the world of hybrid work have created more cyber-threats than ever before. This echoes Mimecast’s recent State of Email Security report which found that 71% of UK businesses have witnessed an increase in the volume of email threats their organisation has faced in the last 12 months, with includes phishing with malicious links or attachments (56%), impersonation fraud or Business Email Compromise (53%), and malicious insiders (43%) the most common threats. Businesses must do more to protect themselves from these attacks, and it is positive to see from the IoD research that many business leaders are taking the threat seriously and ensuring that cybersecurity is considered in every business decision.
However, more still needs to be done. Business leaders need to consider cyber risk as being business risk, building cyber resilience layers will help businesses grow and de-risk their operations. To overcome this growing threat landscape, UK organisations should think about a layered approached to technology to bolster their cybersecurity defences. Our research shows that the 40% of UK organisations that are already using AI as part of their cybersecurity strategy are already seeing a number of benefits, including increased accuracy in terms of threat detection (54%), reduced human error within cybersecurity team (51%), and reduced workload/working hours for cybersecurity team (45%). There is no doubt that cybersecurity attacks will continue to rise, so there has never been a better time to invest in ensuring cybersecurity and keep the criminals out.