Companies focus on cyber terrorism; ransomware comes second

IT decision makers are more aware of the risks their companies face. In light of the cyber terrorism threat, some 92 percent of respondents urge the UK government to increase investment in cyber security, according to IP EXPO Europe.

The growing concern around cyber terrorism in the UK in the past year has given it the reputation as the greatest future threat, followed by the integrity of national infrastructure. Ransomware and DDoS attacks have lost ground, as businesses no longer regard them as high risk. The sectors believed to be most targeted in the future are artificial intelligence (22%) and the cloud (49%).

In spite of this, as many as 89 percent worry they could fall victim to hackers at any moment because their companies lack the proper skills and resources to build and implement a security strategy. Some businesses claim they have security covered, yet have suffered more than one breach. For that reason, 27 percent believe job candidates with cyber security skills will be most sought in STEM.

One of the most expensive single breaches allegedly cost £3 million, according to a survey by Ipsos for the Institute for Criminal Justice Studies, University of Portsmouth.

“Cases like this highlight that individual breaches or attacks can have large financial ramifications for a business, and they underpin the importance of businesses taking action to prevent and protect against these kinds of attacks,” the report says.

Cyber terrorism is a global risk that could affect not only businesses but countries in coming years. The real test, though, is to accurately identify its impact and the variables, and implement an approach that encompasses all scenarios and audiences. Research shows that the most common cyberattacks focus on the finance, ICT and energy sectors, while inside threats are the most harmful.