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Arctic Wolf Global Survey Reveals Lack of Confidence in Cybersecurity Defenses and Government Action Amid Fears of State-Sponsored Attacks

·4-min read

One in three enterprises experienced a six-figure breach in the past twelve months

EDEN PRAIRIE, Minn., September 22, 2021--(BUSINESS WIRE)--Arctic Wolf®, a leader in security operations, today published findings from a recent global survey of over 1,400 IT decision-makers at enterprise organizations. After a year of high-profile cyberattacks, the survey data reveals executive attitudes on a wide array of cybersecurity and business issues.

Key findings of the survey include:

The Private Sector Remains Skeptical about Government's Ability to Mitigate Cyber Threats

  • Despite recent interventions into cybersecurity issues, executives lack faith in the government's ability to protect them from cyber threats, with 60% of organizations believing that spending on new security tools and services is the most effective way of stopping attacks.

  • On the heels of advanced diplomatic talks between Russia and the USA on mitigating eCrime and ransomware attacks, only 15% of U.S. executives believe that diplomacy effectively stops future cyberattacks. In comparison, 31% believe retaliatory cyberattacks against foreign nations would be effective.

Fears of Nation-State Attacks Escalate, with Russia Outpacing Other Known Threat Actors

  • China (41%) and Russia (41%) are seen equally in the eyes of global IT decision-makers as the source of the most dangerous threats targeting their businesses

"Name and Shame" Culture in Security Persists, Companies Continue to See Breaches as Reputational Issues

  • One-third (32%) of enterprises experienced a six-figure breach last year; more than half (61%) of business owners admitted to concealing a breach

  • 78% of C-suite executives claim that they would be willing to pay a ransom; 56% would be willing to pay over $100,000 to resume operations

Confidence in Ability to Secure Hybrid Work Environments Remains Low

  • Three-quarters (74%) of executives adopting hybrid work believe their in-house IT and security teams lack the capability and expertise to fend off ransomware or other sophisticated cyberthreats

  • 60% of executives believe their individual employees could not identify a cyber-attack targeting their business in any working location

"The constant reports of successful ransomware attacks and growing cyber threats from foreign adversaries over the past year have left executives feeling ill-prepared to protect their businesses against sophisticated attacks, and that belief has only been compounded by the operational challenges of running a business in a hybrid work environment," said Ian McShane, field chief technology officer, Arctic Wolf. "The best way for organizations to break out of this cycle of fear and uncertainty is for them to recognize that they don't have a tools problem, but an operational one and that embracing security operations will allow them to address the rapidly evolving threat landscape with ease and simplicity."

For additional insights from the survey, visit arcticwolf.com to read a blog post from Field CTO Ian McShane.

Research Method:

Commissioned by Arctic Wolf, the research surveyed over 1,400 senior IT decision-makers and business executives in the U.S., U.K., and Canada. The survey's findings detail the attitudes and beliefs that cybersecurity decision-makers at enterprise organizations have on a wide array of cybersecurity and business issues.

Additional Resources:

About Arctic Wolf:

Arctic Wolf® is the market leader in security operations, pioneering the first cloud-native security operations platform to end cyber risk. Leading the industry with threat telemetry from endpoint, network, and cloud sources, the Arctic Wolf® Platform, supported by the original Concierge Security® team, is the last line of defense for thousands of organizations worldwide. The Arctic Wolf Platform and Concierge Security experts make it fast and easy for organizations of any size to stand up world-class security operations that continually guard against attacks in an efficient and sustainable way.

For more information about Arctic Wolf, visit arcticwolf.com or follow us at @AWNetworks, on LinkedIn or Facebook.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210922005290/en/

Contacts

Dan Deeth
dan.deeth@arcticwolf.com
519-505-7745

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