INSERTING and REPLACING Executives Expect to See 247% Spike in Cyberattacks Through Third Party Access over the Next Two Years, According to New Cybersecurity Imperative Study

Third parties are the fastest growing of the many significant cyber
risks revealed by ground-breaking new global study from ESI ThoughtLab
and WSJ Pro Cybersecurity, in partnership with Opus

NEW YORK & LONDON–(BUSINESS WIRE)–In the second paragraph, first sentence, insert before “by 2021”:
According to research published by Cybersecurity Ventures.

The corrected release reads:

EXECUTIVES EXPECT TO SEE 247% SPIKE IN CYBERATTACKS THROUGH THIRD
PARTY ACCESS OVER THE NEXT TWO YEARS, ACCORDING TO NEW CYBERSECURITY
IMPERATIVE STUDY

Third parties are the fastest growing of the many significant cyber
risks revealed by ground-breaking new global study from ESI ThoughtLab
and WSJ Pro Cybersecurity, in partnership with Opus

Opus, the leading provider of global compliance and risk management
solutions, in partnership with independent research firm ESI ThoughtLab,
WSJ Pro Cybersecurity and a coalition of leading cybersecurity
organizations, has announced the launch of The Cybersecurity
Imperative
– a landmark global cyber risk study benchmarking the
cybersecurity practices and performance of over 1,300 organizations
around the world.

According to research published by Cybersecurity Ventures, by
2021, cybercrime is likely to cost the world $6 trillion annually—more
than the combined GDP of the UK and France. As companies embrace the
latest technologies and respond to heightened regulation, cybersecurity
has become a top management priority across industries and markets.
Through rigorous global research and interviews with leading experts and
practitioners, The Cybersecurity Imperative was designed to
uncover best practices, performance metrics and calls to action from
CISOs and leading experts.

As part of the study, respondents were asked to identify the leading
internal and external risks to their organization, as well as assess
their own cyber security maturity. The study found that data sharing
with suppliers represented the most significant risk to an
organization’s IT infrastructure: 57% of all respondents highlighted
data sharing with third parties as their greatest vulnerability. Because
of their integrated supply chains, energy companies and utilities (66%),
consumer markets firms (60%) and manufacturers (58%) are the most
susceptible.

Attacks on and through third party partners, customers and vendors
represent the fastest growing threats across the cyber risk landscape,
as the use of supplier ecosystems and embedded systems continues to
grow. Attacks on partners and vendors are expected to grow 284% and
through partners and vendors by 247% over the next two years. In
comparison, the implementation of information security practices for
third parties are expected to grow just 106% over the same period –
suggesting that the threat looms much larger than the planned efforts to
contain it.

“As firms advance through digital transformation, they rely to an
increasing degree on technology vendors and partners, exposing their
organizations to ever-expanding third-party cyber risks,” Dov Goldman,
VP, Innovation and Alliances at Opus, said. “Companies must support
digital innovation with the tools and business practices to manage
rising information security and privacy risks, especially those from
third parties.”

In addition to identifying key risks to an organization, the study also
assessed overall cybersecurity organizational maturity and developed
analytical tools to help organizations benchmark approaches and assess
performance impacts. Other significant findings from The
Cybersecurity Imperative
include:

  • People remain the largest risk to an organization. Nearly all firms
    (87%) see untrained general staff as the biggest cyber risk to their
    business.
  • Digital transformation is creating significant risks for an
    organization. The areas of greatest impact: new technologies, such as
    AI and IoT (56%), cloud-based and open platforms (55%), increasing
    interconnectivity and mobile use (38%).
  • When assessed across the NIST cybersecurity framework, just under half
    of companies (49%) are in the intermediate stage of cybersecurity
    maturity, while 31% are beginners and only 20% are leaders.
  • Digital maturity often goes hand-in-hand with cybersecurity maturity.
    Born-digital platform companies are more likely to be leaders (30%)
    and have the highest cybersecurity maturity score. Whereas 68% of
    digital beginners are also cybersecurity beginners.
  • Perceptions of cybersecurity change as a company’s approach matures:
    19% of beginners see cybersecurity as a reputational risk, in contrast
    to 41% of leaders. 23% of leaders saw cybersecurity an area of
    competitive advantage compared to 6% of beginners.
  • The US ranked highest overall in cyber maturity and volume of
    companies with advanced cybersecurity programs. Rounding out the top
    five include South Korea, Japan, France and Australia.

To explore how corporate leaders and cyber decision-makers across
industries and regions are working to understand and mitigate the cyber
threat landscape, download the full Cyber Imperative report here:

www.opus.com/cybersecure

About Opus
Opus is a global risk and compliance SaaS and
data solution provider, founded on a simple premise: that faster, better
decisions in compliance and risk management give businesses an
extraordinary advantage in the marketplace.

Today, the world’s most respected global corporations rely on Opus to
free their business from the complexity and uncertainty of managing
customer, supplier and third-party risks. By combining the most
innovative SaaS platforms with unparalleled data solutions, Opus turns
information into action so businesses thrive.

For more information about Opus, please visit www.opus.com.

About the Research Team

ESI
ThoughtLab
: ESI ThoughtLab is the thought leadership arm
of Econsult Solutions Inc., a leading economic consultancy. The
innovative think tank offers fresh ideas and evidence-based analysis to
help business and government leaders understand and respond to economic,
industry and technological shifts around the world. Its team of top
economists and thought leaders excel at creating valuable decision
support that combines visionary thinking, analytical excellence, and
multi-format content.

WSJ
Pro Cybersecurity
: WSJ Pro Cybersecurity is designed to
help executives monitor the ever-changing landscape of cybersecurity
through a business lens. Our dedicated team delivers unique, actionable
insight on the wide-ranging challenges of cybercrime risk.

About the Study

The Cybersecurity Imperative is based on a global survey of 1,300
organizations across industries and regions, meetings with an advisory
panel, in-depth interviews with leading experts, and rigorous
benchmarking analysis. The research was conducted in conjunction with a
diverse coalition of sponsors, including Protiviti, Baker McKenzie,
CyberCube, HP Inc., KnowBe4, Opus, Security Industry Association, and
Willis Towers Watson.

Contacts

Cognito
Diana Alickaj / Paul Bowhay, +1 646-395-6300
opus@cognitomedia.com

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