[LONDON, 23/03/2023] The Digital Trust Insights survey of PwC showed that UK leaders believe cloud-based risks will be the most dangerous cybersecurity threats in 2023. The research was based on interviews with business agencies worldwide and throughout the United Kingdom. About 39 per cent of those surveyed said they expect cloud-related dangers to heavily impact their organisations more than other potential sources such as laptops/desktops, web applications or software supply chains.
Cyberattacks are a constant and pervasive danger, causing immense harm to operational operations, revenue streams and standing. That is why cloud security has become even more vital now than before. With private sector organisations increasingly migrating their core systems, such as HR and payroll management, onto the cloud, understanding how to safeguard information and infrastructure against any possible attack has never been so important.
One-third of respondents in the PwC survey anticipate a considerable rise in attacks against cloud management interfaces within 2023, while an additional one-fifth anticipate an increase in attacks on the operational technology (OT) and Industrial Internet of Things (IIoT) during the following 12 months.
Cyber risks have been a concern since 2023. In the UK, 27 per cent of companies anticipate an increase in business email compromise and 'hack and leak' attacks, while 24 per cent expect ransomware threats to be on the rise. But, 59 per cent of organisations will see their cybersecurity budget expand next year - giving them more options for proactive defence against future damage-causing cyber threats.
Biggest Security Risk
Business executives are increasingly mindful of cyber threats' impact on their overall organisational resilience. About 48 per cent of UK companies claim a "catastrophic cyberattack" is the number one risk to be incorporated into their 2023 plans, surpassing global recession (45 per cent) and even COVID-19 resurgence (43 per cent).
The figures are similar to the 26th Annual CEO Survey of PwC, where around 64 per cent of UK CEOs expressed grave anxiety about cyberattacks impeding their capability to market products and services.
The potential destruction malicious cyber threats can cause is catastrophic if organisations do not take a strategic approach to their resilience in high-impact scenarios. By protecting what matters most for business survival--reputation and trust inclusive--, organisations can better guard themselves against these increasingly plausible risks.
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