The new Frost & Sullivan report on “European Cybersecurity Responsibility, Spending, and Posture” highlights that 38% of enterprises are spending more on cybersecurity since the pandemic began to bolster their protection levels.
That’s to be expected, with many employers allowing staff to work from home, which brings an increased risk of cyberattacks.
Enterprises become wary of cyberthreats
Europe lags the US in cybersecurity maturity, so the sector will continue to grow for cyber experts as enterprises become increasingly wary of cyber threats.
The Frost & Sullivan report also found that cybersecurity responsibility is a key concern for most European companies as they seek to protect their data and systems from cyberattacks. Cybersecurity spending is expected to continue rising as companies invest in new and innovative technologies to keep their systems secure.
Cybersecurity posture is also evolving in response to the pandemic, with many companies adopting a more proactive approach to security, particularly if they are embracing hybrid work environments with staff working from home and the office.
Cybersecurity spending is no longer discretionary
Cybersecurity is no longer a discretionary activity for businesses; it is a board-level concern.
The research highlights that cybersecurity budgets for 2021 averaged $475,000, which was 52% more than 2020.
The budget for 2022 will likely increase substantially, with 60% of European companies stating they will boost their cybersecurity budget.
One reason is that the COVID-19 pandemic has acted as a catalyst for change, with organizations around the world rethinking their approach to security.
Companies are now investing in cyber insurance
In Europe, many companies are now investing in cyber insurance to mitigate cyberattack risks.
Unfortunately, the pandemic has led to an increased number of cybersecurity incidents as hackers take advantage of the current situation.
When questioned about their cyber concerns, European firms list ransomware as their top fear, followed by system vulnerabilities and denial-of-service attacks.
The report from Frost & Sullivan paints a vivid picture of what happens when a firm is hit by a cyber incident.
Negative impacts of cyber incidents
In France, 80% of enterprises claimed they had been negatively impacted by a cyber incident, and 48.8% of respondents said they had lost productivity.
In Germany, 84% of enterprises revealed they had been impacted. For 37.6% of enterprises, the top negative issue was IT system disruptions.
In Italy, 85% of firms were hit with IT disruption, hurting 43.5%. In the UK, 83% of enterprises warned they had been affected, with 47% suffering lost productivity.
European Cybersecurity Responsibility, Spending, and Posture
It is now clear that more European companies are taking steps to improve their cybersecurity posture and protect their data. They understand that cybersecurity is no longer an optional activity; it is a vital concern for their business.