The year 2016 wasn’t a good one for the business industry. Confirming this fact is a recent report by global networking giant Cisco.
In its annual report, ‘Annual Cybersecurity Report 2017’, Cisco has revealed that over one-third of the organisations that globally experienced a cyber attack last year, also ended up registering a revenue loss of more than 20 percent. According to the report, more than a whopping 505 of the organisations had to face a strict public scrutiny following the cyberattacks.
Talking about the areas most affected by the security breach, the report revealed that operations and finance systems took the first position in the list as they were affected the most, followed closely by the company’s brand reputation and customer retention. According to the report, 22 percent of the organisations that survived the cyberattacks last year lost customers, 29 percent ended up losing revenue, while 235 lost their chances at some big business opportunities.
Commenting on the reports findings, John N. Stewart, Senior Vice President, Cisco said that with cyber acquiring a more important status in business, there’s an urgent need to up the standards of cyber security in organisations all around the world. He said, “In 2017, cyber is business and business is cyber — that requires a different conversation and very different outcomes. Relentless improvement is required and that should be measured through efficacy, cost and well managed risk.”
Cisco’s ‘Annual Cybersecurity Report 2017’ is based on a survey the company conducted spanning over 13 countries all around the world and including 3,000 chief security officers. The report underlined the fact that the year 2016 saw cyberattacks becoming more corporate, courtesy digitisation which creates more and diverse opportunities for cyber criminals all around the globe.
Based on its findings, Cisco also calls for cyber security being made a business priority and executive leadership of an organisation taking a charge of it and evangelising security and investing in it as a priority.
The report found out that a whopping 75 percent of the organisations surveyed for the report were infected by the old-fashioned adware software that downloads advertising without a user’s permission.
According to David Ulevitch, Vice President (Security Business) Cisco, one of the company’s key metrics during a cyber attack is the ‘time to detection’. Cisco has been successful in reducing this number to as low as six hours. The company has also introduced a new metric called the ‘time to evolve’, which looks at how quickly threat actors change their attacks in order to mask their identities.