"Quarter of CFOs Have Suffered $1m+ Breaches"

According to security researchers at PwC, around a quarter of UK business leaders expect cyber threats to significantly increase this year, with a similar number of global firms having already suffered costly breaches in the past.  The researhcers interviewed over 3500 senior business and technology executives globally, including 249 in the UK, to conduct their study.  The researchers found that 27% of global CFOs have suffered a significant data breach in the past three years, costing their organization over $1m.  According to IBM, the average global cost of a breach currently stands at nearly $4.4m.  The researchers noted that this experience might inform attitudes toward cyber risk over the coming year.  Some 27% of UK respondents said they expect business email compromise (BEC) and "hack and leak" attacks to significantly increase in 2023, and 24% said the same about ransomware.  Digital transformation appears to be a core challenge.  Around two-thirds of UK execs admitted they still haven't fully mitigated the cyber risks associated with such projects, while two-fifths (39%) said they expect cloud-based risks to significantly affect their organization in 2023.  Attacks on cloud management interfaces (33%), industrial internet of things (IIoT) systems (20%), and operational technology (20%) are also expected to increase in 2023.  The researchers stated that an overwhelming majority (90%) of UK senior executives ranked the "increased exposure to cyber risk due to accelerating digital transformation" as the most significant cybersecurity challenge their organization has experienced since 2020.   

Infosecurity reports: "Quarter of CFOs Have Suffered $1m+ Breaches"