In accordance with a new survey from Palo Alto Networks, an increasing proportion of CEOs are realizing that cyberattacks pose a greater existential danger than economic instability.
Palo Alto Research discovered, based on a poll of 2,500 CEOs from the United Kingdom, Germany, France, Brazil, and the United Arab Emirates (UAE), that CEOs fear what they don't know, and many don't even believe they are accountable for their organization's cybersecurity posture.
However, this has not resulted in a loss of confidence, since the majority of respondents say they are well-prepared for a cyberattack situation.
According to the report, 51% of CEOs believe that as the dangers of cyberattacks increase, their capacity to keep their companies' endpoints secure keeps them awake at night.
According to the report, 51% of CEOs believe that as the dangers of cyberattacks increase, their capacity to keep their companies' endpoints secure keeps them awake at night.
However, the vast majority believe they are well-equipped. Almost four in five (78%) are confident in their (full and tested) strategies for threat protection and recovery, and 74% believe their companies can quickly react to evolving threats. Simultaneously, only one-third (36%) would collaborate with an incident response team in the event of an attack, and 34% would pay the ransom in the event of a ransomware attack.
Cybersecurity experts and law enforcement agencies strongly oppose paying the ransom and instead recommend using backup options. Paying the ransom demand does not guarantee that the firm will receive its data back, nor does it guarantee that it will not be attacked (either by the same or a completely other threat actor) as soon as tomorrow. They are merely worsening the problem by sponsoring future ransomware activities. Nonetheless, many businesses do so because it is the quickest way to restore operations.
