A recent survey conducted by PwC, titled the “2024 Global Digital Trust Insights,” has exposed a significant increase in the number of businesses worldwide falling victim to data breaches costing over $1 million.
The survey, which collected responses from 3,800 business and tech leaders across 71 countries, highlights a growing cybersecurity challenge faced by organisations.
According to the survey, the proportion of businesses experiencing data breaches exceeding $1 million has surged from 27% to a concerning 36% year over year.
Notably, the healthcare industry emerged as the most affected, with a staggering 47% of healthcare organisations reporting such costly breaches.
The global average cost of a damaging cyberattack was $4.4 million, while the healthcare sector bore an even greater burden at $5.3 million.
The size of a company also plays a role, as larger corporations with over $10 billion in revenue reported breaches costing an average of $7.2 million, while smaller companies with less than $1 billion faced $1.9 million in damages.
The survey also shed light on how organisations perceive Generative AI, showing a blend of skepticism and excitement. While 52% of respondents expressed concerns that Generative AI could lead to catastrophic cyberattacks in the next 12 months, 77% agreed that it could help develop new business lines within three years.
Additionally, 77% believed that Generative AI could increase employee productivity within the next year.
Notably, organisations with greater maturity in their cybersecurity initiatives reported more benefits and a lower incidence of costly cyber breaches. This emphasises the importance of proactive cybersecurity measures and preparedness.
Only 5% of organisations in the survey reported consistent implementation of 10 defensive and growth-minded cyber practices, earning them the moniker “Stewards of Digital Trust.”
These organisations tended to have revenues exceeding $5 billion and were more likely to experience high growth. They were also more optimistic about Generative AI’s potential benefits and less likely to anticipate catastrophic cyberattacks.
Despite other global challenges such as climate change and the ongoing COVID-19 pandemic, business and tech leaders ranked digital and tech-related risks as their top priority for mitigation in the coming year.
Cloud-related threats, attacks on connected devices, and hack-and-leak operations were identified as the top cyber threats.
To address the evolving cyber landscape, organisations are focusing on talent acquisition and retention strategies. Leaders cited upskilling the current workforce, rebalancing between in-house and outsourced services, and identifying suitable candidates as their top priorities.
Organisations that experienced cyber breaches exceeding $1 million were particularly concerned about competing for cyber talent.
