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Half of businesses lack confidence in cyber security defences

More than half of businesses around the world lack confidence in their cyber security posture in the face of more sophisticated and bold attacks, according to a report.

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The Cisco 2016 Annual Security Report showed that just 45 per cent of organisations are confident in their information security measures as cyber criminals push forward.

But while executives are uncertain about their defences, 92 per cent agree that regulators and investors will expect firms to manage cyber security risk exposure.

Meanwhile, hackers were found to be increasingly tapping into legitimate resources to launch effective campaigns for their own profit, with attacks through ransomware alone earning $34 million a year per campaign, according to Cisco’s figures.

Ageing infrastructure and outdated practices were among the biggest factors putting firms at risk, along with an increase in outsourcing and browser-based data leakage.

“Security is resiliency by design, privacy in mind and trust transparently seen,” said Cisco senior vice president, chief security and trust officer John Stewart.

“With the Internet of Things and digitisation taking hold in every business, technology capability must be built, bought and operated with each of these elements in mind. We cannot create more technical debt. Instead, we must meet the challenge head on today.”

For more on the report, see the Cisco website.

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