This Cybersecurity Awareness Month, cyber breaches continue to undermine business security.

14th October 2021

This month may be known as Cybersecurity Awareness Month but despite a growing understanding of the necessity of robust cybersecurity measures, and the threat posed by lax security, cyber breaches are escalating as a significant problem for most organisations. 

Cyber breaches continue to cost businesses millions of dollars in damages and harm to business reputation. 

According to the Cybersecurity Breaches Survey, over 39% of businesses reported an increase in cyber breaches or attacks over the past 12 months.  

A study from Thales and 451 Research further revealed that over 47% of businesses saw an increase in the volume, severity, and scope of cyberattacks in the past year. 

Among the different cyberattack techniques used, phishing and impersonation were the most frequent, with over 98% of attacks using social engineering methods. 

Why are cyber breaches increasing in frequency? 

The alarming rise in cyber breaches, particularly through social engineering attacks, indicates that employees and business leaders have not received the training that is needed to prevent attacks. 

Studies reveal that over 64% of respondents have no access to training, while 27% do have access to training but choose not to use it. 

The correlation between poor cyber training and rising social engineering attacks demonstrate that knowledge of data security is not as comprehensive as it should be.

Supplanting poor training for employees are poor security procedures, as research indicates that employees are not as vigilant about cybersecurity as they should be, especially given the rising threats in the landscape.

Just 46% of respondents say they use a different password for important online accounts, with another 20% reporting that they never change their password. 31% of businesses also rarely install software updates, which means that software containing valuable data may not have the necessary security updates to hinder cyberattacks or minimise the risks they pose. 


What can be done to mitigate the problem? 

The solution is to raise awareness amongst employees and make training resources more accessible and readily available to them. 

Cybersecurity Awareness Month is the perfect opportunity to raise awareness about the importance of security and cyberattacks, and take concrete steps towards training employees and reducing these attacks. 

Businesses should also consider upgrading their security tools to take a more proactive approach to vendor security. 

RiskXchange is the only 360-degree risk-rating solution that allows users to monitor their attack surface continuously to detect anomalies in real-time and reduce incidents of cyberattacks.