40% of Organizations Lack Proper Preparations for Phishing Attacks
A recent report by Viking Cloud analyzed cyber risks, ransomware, and cyberattacks. According to the survey, companies have seen an increase in the frequency (49%) and severity (43%) of cyberattacks over the past year.
The report also revealed that while 96% of companies are confident in their ability to detect and respond to cyberattacks in real-time, they were unprepared for various cyber risks such as ransomware attacks against third parties (48%), phishing attacks (40%), DNS attacks (33%), and ransomware attacks against their own business (32%).
Furthermore, the report highlighted that 53% of companies believe emerging AI attack methods are creating new vulnerabilities for which they are not prepared. The most concerning AI threats include GenAI model prompt hacking (46%), LLM data poisoning (38%), Ransomware as a Service (37%), GenAI processing chip attacks (26%), API breaches (24%), and GenAI phishing (23%).
Additionally, 55% of companies feel that modern cybercriminals are more advanced than their internal team, and 35% reported that cybercriminals use more sophisticated technology compared to what their own team has access to.
The report also found that 10% of companies have increased cyber hiring in the past year, while almost 20% struggle with a lack of qualified talent as a key challenge in combating cyberattacks. Budget constraints are also a significant issue, with 35% of companies lacking the budget to invest in new technology and 32% unable to allocate enough budget to hire additional staff.
Furthermore, 33% of companies admitted being late in responding to cyberattacks due to dealing with false positives, and 63% spend over 208 hours per year managing false positives. Overall, 68% of cyber teams surveyed indicated that they would not be able to meet The Securities and Exchange Commission’s four-day disclosure requirement and other industry benchmarks for response time to a serious cyberattack.
For more information, you can read the report.
