Number of cyberattacks surges as risk awareness among businesses declines
Security
Despite an explosive rise in the number of cyberattacks during the pandemic, companies rate the risk of cybercrime much lower than before the present crisis.
In April this year, only 34 percent of businesses felt that cybercrime posed a major risk for their organisation: a very minor and insignificant increase relative to data measured almost a year before, when that figure was 31 percent. Their risk perception is still a long way from returning to pre-pandemic levels, when a majority of companies rated the risk to their organisation as being high. Despite these findings, however, almost half of all companies plan to take additional measures to prevent cyberattacks. These are the findings of a study by ABN AMRO and MWM2, which asked companies how much risk they considered cybercrime to present for their organisation. This question was asked on three separate occasions: shortly before the pandemic, in May of last year and in April of this year. According to ABN AMRO, given the additional concerns about business survival and workforce continuity that the Covid-19 outbreak has brought, it is possible that cybersecurity is now less of a priority for companies.
Most vulnerable to cyberattacks: industry, healthcare and retail
The most vulnerable sectors are those that rely heavily on digital data processing and communication, such as industry, retail and healthcare. Data theft, ransomware attacks and identity fraud are surging. One target is the industrial sector, where digital communication between machinery, robots and warehousing systems is increasingly common. The Dutch industrial sector boasts several innovative trailblazers whose business secrets represent great value. Healthcare is another sector that has been discovered by cybercriminals: the pandemic has forced the sector’s digitalisation into a higher gear, which has amplified the risk of patients’ data falling into the wrong hands. Retailers and hotels are also increasingly falling victim to cybercrime, as they use more and more data for customer retention and for predicting their customers’ needs. Another factor is that many shop owners have moved to digital sales channels to survive the lockdowns. This means more risk of data breaches, which can significantly harm the retailer’s reputation and customer base, and even jeopardise some companies’ existence.
Preventing cyberattacks: not just about technology, but also about conduct
According to ABN AMRO, successfully preventing cybercrime requires more than simply investing in technology. “It’s also vital to train your people to recognise high-risk situations,” explains Ingrid Laane, Sector Economist Technology, Media and Telecom and Professional Services at ABN AMRO. “Another way to reduce risks is by making sure that your software is up to date, regularly running safety checks on your IT system and not granting your people more rights than they need to do their jobs.”
ABN AMRO’s CEO Commercial Banking Daphne de Kluis agrees. “Cybersecurity is too important for companies to ignore any longer. Ensuring your company’s digital security is becoming more difficult all the time. Cyber-related incidents are affecting more and more of our clients, as well as their customers and vendors, with potentially significant financial implications and loss of reputation. That is why we feel so strongly about helping our clients to protect themselves.”
