• Lockcode Cyber

Response to cybercrime a major challenge for businesses: IBM study

While cybercrime is on the rise, response to it is inadequate still.

More than three-fourths of business organisations world over do not know how to tackle cybersecurity issues, revealed a study conducted by leading IT security research firm Ponemon Institute, in association with IBM.

Additionally, 69 percent of businesses accepted that they lacked appropriate funds to ensure cyber resiliency.

The study, titled 2017 Cost of Data Breach, found that 77 percent lacked a formal cybersecurity incident response plan (CSIRP) applied consistently across their organisations.

Nearly half of the 2,800 respondents reported that their incident response plan was either informal/ad hoc or entirely non-existent.

This, despite their admission that cyber attacks now are more “severe” than ever before.

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