![80% firms suffered cyberattack in last one year 80% firms suffered cyberattack in last one year](https://varindia.com/storage/news/uploads/2018/02/62fbc1991dc1b.jpg)
A recent study has shown that 80% of companies had suffered a cybersecurity breach over the past year, up from 68% from the previous year, with 9% of the companies experiencing at least one cyber-attack per hour.
Organizations are increasingly vulnerable to cyberattacks on their businesses, yet most lack readiness in response, which is not at par with the growing sophistication of the attackers. It is crucial for organizations to implement capabilities to strengthen cyber resilience and ensure board members play an active role in leading this shift.
The World Economic Forum’s Global Risks Report 2022 highlights how cyber threats have intensified through digital transformation and growing digital dependency. Cybersecurity failure is still perceived to be a critical short-term risk and high-value companies are often breached, leading to significant negative impact on their performance.
Companies are increasingly left vulnerable due to a lack of ‘cybersecurity readiness’ and are therefore prone to ongoing phishing attacks that expose weaknesses in the systems such as stolen passwords or unpatched servers.
The World Economic Forum published the Principles for Board Governance of Cyber Risk report in 2021, in co-operation with the National Association of Corporate Directors and the Internet Security Association.
This report describes the six principles that can help boards of directors with cyber risk governance:
· Cybersecurity as a strategic business enabler
· Understand the economic drivers and impact of cyber risk
· Align cyber-risk management with business needs
· Ensure organizational design supports cybersecurity
· Incorporate cybersecurity expertise into board governance
· Encourage systemic resilience and collaboration
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