According to LBMC’s Business Outlook Report, business leaders in 2021 are looking to manage their business technology by improving the performance of their existing systems. All companies, no matter what level of network cybersecurity protection, were forced to quickly shift the landscape of how they manage technology security during the pandemic and mandated shutdowns. Priorities to enact a secure, virtual workforce as well as implement all updates and patches on time, business leaders are looking at various options to reinforce their security posture.
We know the threat actors understand organizational data and assets are outside the traditional walls of business at never-before-seen levels. Even as data indicates that the number of breaches decreased by 19% in 2020 versus 2019, the target values are increasing with threat actors becoming more selective with where they strike next. According to the Identity Theft Resource Center, a nonprofit organization based in San Diego, California, the most common attack method remains phishing/smishing (text-based phishing) at 44%. The average ransom payment was $233,000 in Q4 of 2020.
With average ransom payments increasing, organizations should continually assess their own security position. We see that most organizations fall into one of three levels of network security when it comes to cybersecurity protection.