Security News > 2022 > May > 10 best practices to reduce the probability of a material breach

ThoughtLab announced the findings of its 2022 cybersecurity benchmarking study which analyzed the cybersecurity strategies and results of 1,200 large organizations across 14 different sectors and 16 countries, representing $125.2 billion of annual cybersecurity spending.

The number of material breaches respondents suffered rose 20.5% from 2020 to 2021, and cybersecurity budgets as a percentage of firms' total revenue jumped 51%, from 0.53% to 0.80%. During that time, cybersecurity became a strategic business imperative, requiring CEOs and their management teams to work together to meet the higher expectations of regulators, shareholders, and the board.

As part of this evidence-based research, economists assessed the cybersecurity performance of corporate and government organizations against 26 metrics, including times to detect, respond to, and mitigate a cybersecurity breach, as well as the number of material breaches suffered.

Respondents reporting multiple material breaches in 2021 spent 12.3% of their total IT spending on cybersecurity, while those reporting no material breaches in 2021 spent an average of 12.8%, or $4.7 million more.

Organizations see fewer breaches and faster times to respond when they build a "Human layer" of security, create a culture sensitive to cybersecurity risks, build more effective training programs, and develop clear processes for recruiting and retaining cyber staff.

About three out of 10 organizations with excellent dwell times use smart automation vs. 17% of organizations with poor dwell times.

News URL

https://www.helpnetsecurity.com/2022/05/12/2022-cybersecurity-strategies/