NEW YORK–The substantial threat presented by cybercrime is only expected to grow in the years ahead, but most business remain unprepared.
According to Ernst & Young’s 19th Global Information Security Survey 2016-17, just 22% of 1,735 global executives, information security managers and IT leaders surveyed fully consider information security in their strategy and planning.
The Ernst & Young analysis found most U.S. businesses are not taking measures to protect sensitive data, such as personally identifiable information (PII), intellectual property, or trade secrets, leaving them compromised. According to EY’s survey, 89% fail to evaluate the financial impact of every data breach and 49 percent had no idea what financial damage it caused.
Global ransomware damage costs are predicted to exceed $5 billion in 2017, which has significantly increased from $325 million in 2015.