For almost all companies (83 percent), having IT systems offline for 24 hours or more is devastating. To minimize the risk and make sure they stay operational, many are focused on upgrading existing or acquiring new tools, creating new problems.
This is according to a new report from digital transformation company Netenrich. According to the report, the average organization spends roughly 30 percent of its IT budget on cybersecurity, with resources growing up to 10 percent since the pandemic kicked off.
As the risk of cyberthreats - such as ransomware, malware or identity theft - grows, businesses are trying to remain in control by upgrading tools (67 percent). Meanwhile, hiring more experienced staff was highlighted by just a third (35 percent) of the respondents. As a result, many current workers are becoming overwhelmed.
Here's the catch-22: to minimize the threats, businesses bring in new tools. These tools overwhelm the staff, creating new issues or exacerbating existing vulnerabilities.
Netenrich says the way to break free from this insidious spiral is through a shift in thinking; instead of being reactive, IT teams want a more proactive, risk-based approach. Most companies nowadays (68 percent) prioritize threats based on how much an incident would cost, both in terms of revenue and customer relationships.