Businesses Increasingly Rely on IT Systems
In 2023, a remarkable 68% of organisations revealed that they could not survive more than a day without their IT systems. This is a significant increase from the 46% recorded in 2017, highlighting an accelerated surge in technology dependence.
Cyber Insurance Gains Prominence
The latest Data Health Check from Databarracks investigates the escalating importance of cyber insurance. The report examines how businesses protect themselves from the potentially devastating effects of cyber breaches. With ransomware causing widespread financial damage, the implications for IT professionals in 2023 are serious.
Rising Tide of Ransomware Attacks
Compared to 2022, ransomware attacks have surged, leaving only a quarter of organisations “extremely confident” in their response capabilities. Over half of the surveyed organisations faced cyber-attacks last year, with three reporting over 100 attacks. Simultaneously, IT security budgets are increasing, with nearly half of the organisations reporting rises.
Supply Chain Security: A Persistent Challenge
Managing supply chain security remains a daunting task, with just over half of organisations actively checking for vulnerabilities.
Positive Shifts Amid Cyber Surge
Despite the challenges posed by the cyber surge, the Data Health Check 2023 highlights some positive shifts. More organisations are adopting cyber insurance, prioritising cybersecurity training, and proactively defending against threats. As cyber-attacks persist, robust security measures ensure a swift response, demonstrating organisational readiness for evolving digital challenges.
Expert Insights: Addressing the Cyber Threat
Databarracks’ managing director, James Watts, shares his insights on the current cyber climate. He notes the increasing risk of IT downtime due to cyber threats and the growing dependence on technology due to digital transformation efforts. Watts suggests businesses become more resilient by addressing the cyber threat, developing defences, and enhancing their response capability. He also recommends improving recovery methods and assessing what can be done to keep the business operational without IT.
The Importance of Manual Workarounds in Disaster Recovery Plans
Watts highlights the necessity of manual workarounds in disaster recovery (DR) plans. As cyber-attacks rise, maintaining operational capability during a systems failure or attack becomes more critical. Watts also discusses the concept of Maximum Tolerable Period of Disruption (MTPD), a central figure in business continuity planning. He emphasizes the importance of determining and adhering to your MTPD to ensure effective recovery processes.
