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14 Key Takeaways from Kaseya’s Cybersecurity Survey Report 2023

14 Key Takeaways from Kaseya's Cybersecurity Survey Report 2023

Kaseya has released its cybersecurity report for 2023 in which 3,066 IT professionals from across the globe were surveyed to get insights into their businesses. The main focus of the survey was to identify the cybersecurity challenges that these businesses have faced, are facing, or predict to face in the future. Overall, the results show that organisations are taking cybersecurity matters quite seriously. However, several improvements can and should still be made.

Have a read of our 14 key takeaways from the report below and see how your business compares.

1. Incident Response (IR) Planning

The survey identified diverse approaches to incident response planning. While 22% had a formal IR plan that had not been tested, 23% had some security solutions in place but lacked a formal IR plan. Encouragingly, 46% had a formal IR plan and actively conducted periodic drills and tabletop exercises.

2. Likelihood of Phishing Attacks

80% of respondents expressed significant concern about the likelihood of their organisation falling victim to a successful phishing attack within the next 12 months.

3. Financial Fallout

After a cybersecurity incident, 56% of respondents reported financial losses exceeding $50,000. Of these, 39% experienced losses surpassing $100,000, while 21% grappled with losses exceeding $250,000.

4. Top Concerns

The survey identified the primary concerns for the upcoming year. Of note, 25% of respondents were most apprehensive about email as the gateway to a successful cyber attack, while 16% underscored human error as a significant concern.

5. Impact of Ransomware

70% believe that a successful ransomware attack would have a significant or extreme impact on their business operations.

6. Budget and Spending

Despite the escalating threat landscape, cybersecurity budgets at 60% of the organisations remained stagnant in 2023. However, 43% were optimistic about increased security spending in 2024.

7. Email Security Solutions

Surprisingly, only 43% of organisations had implemented dedicated email security solutions, leaving a significant portion potentially vulnerable to email-based threats.

8. Security Awareness Training

A mere 29% had implemented comprehensive security awareness training for their staff, indicating a potential gap in human-centric cybersecurity defences.

9. Vulnerability Assessments

A strong 72% of organisations conducted IT security vulnerability assessments at least once a year, reflecting a commitment to proactively identifying and addressing potential vulnerabilities.

10. IT Outsourcing

More than 2 in 5 organisations (41%) had opted for a co-managed relationship with an IT provider or had entirely outsourced their IT management, showcasing diverse approaches to IT governance.

11. Cyber Insurance Trends

A noteworthy 62% planned to invest in cyber insurance within the next 12 months, reflecting a growing recognition of the importance of financial safeguards against cyber threats.

12. Remote Work Landscape

A substantial 95% of organisations support remote work, underlying the continued prevalence of distributed work environments.

13. Anticipated Security Challenges

Human-centric challenges took centre stage in the survey, with 20% citing human error, 18% expressing concerns about IT and security skills, and 15% highlighting insider risks as the top three security management challenges anticipated in the next 12 months.

14. Ransomware Recovery Challenges

Only 33% of organisations that fell victim to a ransomware attack were able to perform disaster recovery and complete system restoration from backups. Alarmingly, 7% reported an inability to recover, leading to the closure of their business.

If you would like to read the full report, you can access it here.

In summation, the survey paints a comprehensive picture of the evolving cybersecurity landscape, emphasizing the critical need for organizations to fortify their defenses, cultivate a culture of cybersecurity awareness, and adopt proactive measures to mitigate the evolving threat landscape. The data serves as a valuable compass for organizations navigating the intricate terrain of modern cybersecurity challenges.

If you’re worried that your organisation isn’t doing enough to combat the rise of cyber-attacks or you’re not sure where to begin, we can help! Get in touch today for a free initial consultation where we can explore cybersecurity solutions tailored to your unique business needs.