Intelligent CISO Issue 57 - Page 41

59 % of UK consumers say they would stop shopping at a retailer if it was a victim of a cyberattack .
EXPERT OPINION

Rethinking cybersecurity strategies in 2023

Business leaders are doing more to reduce the widespread impact of cyberattacks on their organisations and this involves revising their cybersecurity strategies , particularly as we enter into a new year and potentially face new threats . Richard Meeus , Director of Security Technology and Strategy EMEA at Akamai , offers expert insight into how taking an ‘ assume-breach ’ approach and investing in cybersecurity measures such as Zero Trust will help businesses tackle the threats that lie ahead .
Richard Meeus , Director of Security Technology and Strategy EMEA at Akamai ast year we saw a

L real turning point in cyberattacks , in particular the rise of RaaS ( Ransomwareas-a-Service ) and DDoS attacks . Criminal enterprises have been able to turn cyberattacks into profitable and scalable businesses and 2022 saw some of the most sophisticated cyberattacks in recent years , such as the breach against Nvidia from ransomware group , Lapsus $, and unfortunately this trend is showing no signs of abating .

What ’ s more , recent research by IBM revealed the average cost of a data breach worldwide rose almost 13 % over the past two years , hitting an all-time high of US $ 4.35 million in 2022 . Amid rising inflation and the corresponding costs of running a business , rethinking cybersecurity strategies can help businesses be prepared against increasing cyberthreats .

59 % of UK consumers say they would stop shopping at a retailer if it was a victim of a cyberattack .

For consumer-facing businesses like retailers and high street banks , the downside of a poor security strategy is even greater , as 59 % of UK consumers say they would stop shopping at a retailer if it was a victim of a cyberattack . What ’ s more , our research showed that more than half ( 58 %) of British people reported receiving a scam attempt at least once per week in 2021 , with 51 % saying they would switch banks if they were not reimbursed after falling victim to fraud .
Against the backdrop of macroeconomic turbulence and evolving cyberthreats coupled with consumer demand for robust security , it ’ s clear business leaders must prioritise cybersecurity or risk losing credibility and consumer www . intelligentciso . com
41