Only 3% of organizations around the world were reported to be completely ready to deal with increasingly sophisticated cybersecurity threats, including ransomware attacks and supply chain intrusions, reports SiliconAngle.
Despite the severe lack of cyber readiness maturity, 4 in 5 companies expressed being moderately to very confident in their existing infrastructure's cyberattack-combating capabilities, indicating misplaced confidence and inadequate assessment of cyber threats, according to a report from Cisco.
While disruptive cyber incidents are expected by almost 75% of respondents within a year or two, significant challenges in ensuring network security persist, including excessive point solutions in security stacks, increasingly prevalent unmanaged devices, and severe workforce shortfall.
Moreover, even though increased cybersecurity spending is being mulled by most companies within the next 12 months, only more than 50% are planning on significant IT infrastructure upgrades, with more organizations looking to update current solutions.
"To overcome the challenges of today’s threat landscape, companies must accelerate meaningful investments in security," said the report.
