Introduction
In 2024 [3] [4] [7] [8] [9] [10] [11], organizations are grappling with extended recovery times from cybersecurity incidents, highlighting the increasing complexity of cyber threats and the financial burdens they impose. This situation underscores the need for a proactive and comprehensive approach to cybersecurity, involving both increased investment and a distributed responsibility model.
Description
IT decision makers (ITDMs) often underestimate the time required for their organizations to recover from significant cybersecurity incidents [5]. In 2024 [3] [4] [7] [8] [9] [10] [11], businesses are experiencing an average recovery time of 7.3 months following breaches [1] [6] [7] [9], which is 25% longer than the anticipated 5.9 months. This extended recovery period reflects the increasing complexity of cyber attacks [2], leading to longer remediation times and significant financial impacts [2], including business interruption and reputational damage [2]. Organizations that planned to reduce their cybersecurity budgets face even worse outcomes [4], with an average of 68 incidents each—70% above the average—and actual recovery times extending to 10.9 months [9], a 34% discrepancy from their expectations. In contrast [4], companies that maintained or increased their budgets had significantly shorter recovery times [4].
The financial burden of cybersecurity incidents is underscored by research indicating that the average cost of recovery after a ransomware incident has risen by 50% over the past year [7], reaching £2.15 million (US$2.73 million) [2]. This rise in recovery costs is outpacing many cyber insurance policies [7], with 99% of companies filing claims reporting that their policies do not cover all recovery expenses [2], primarily due to total recovery costs exceeding policy limits [2]. Consequently, insurance providers are reassessing their coverage models [2], exposing businesses to substantial financial risks [7].
Key recovery activities include implementing stronger security measures (43% of respondents) [1] [5], offering additional employee training (41%) [5], restoring data from backups (38%), stakeholder communication (34%) [5], and conducting forensic analysis (25%) [5]. Concerns about the reliability and quality of security software have risen [8] [11], with 40% of businesses expressing doubts and nearly one-third considering changing vendors [8] [11]. This reassessment of vendor choices is particularly pronounced in the US, where 37% are contemplating vendor changes [8] [9] [11].
The report emphasizes a shift towards a more proactive approach to IT resilience [5], with 86% of ITDMs adjusting their patch testing or deployment processes following recent incidents [1] [5]. Additionally, there is a growing trend of involving key stakeholders outside traditional security teams [8] [11], such as Platform Engineering teams [3] [8] [9] [11], in the selection of app security solutions [3] [8] [11]. This shift has resulted in Platform Engineering teams being held responsible for 8% of cybersecurity incidents [3], slightly lower than CISOs at 14% and CIOs at 12% [3].
Despite increased spending on cybersecurity [4] [6] [10] [11], projected to rise by 11% year-on-year, 50% of ITDMs feel unprepared for future attacks due to an increasingly sophisticated threat landscape. This sense of unpreparedness is prompting a shift towards a more holistic approach to cybersecurity [7], emphasizing shared responsibility and the integration of security measures throughout all projects [7]. Marshall Erwin [5] [7] [9], CISO at Fastly [7] [9], emphasized that full recovery from breaches remains slow [5] [9], leading to permanent damage to revenue [7] [9], reputation [1] [2] [5] [7] [9], and business relationships [7] [9]. As recovery times lengthen and costs rise [7], organizations are compelled to reassess their cybersecurity strategies [7], balancing increased investment in security tools with a more distributed approach to responsibility [7]. The evolving threat landscape necessitates a comprehensive approach to cybersecurity that permeates every level of an organization [7], with the true costs of incidents extending beyond immediate financial losses [7].
Conclusion
The evolving cybersecurity landscape in 2024 demands that organizations adopt a more comprehensive and proactive approach to mitigate the impacts of cyber incidents. This includes increased investment in security measures, a shift towards shared responsibility across various teams [9] [11], and a reassessment of insurance coverage to better align with rising recovery costs. As threats become more sophisticated, businesses must integrate security into every aspect of their operations to safeguard against long-term financial and reputational damage.
References
[1] https://cybermaterial.com/recovery-from-cyber-incidents-takes-7-months/
[2] https://insurtechdigital.com/articles/fastly-incident-recovery-takes-25-longer-why-it-matters
[3] https://finance.yahoo.com/news/long-road-recovery-fastly-research-080100575.html
[4] https://www.stocktitan.net/news/FSLY/long-road-to-recovery-fastly-research-reveals-businesses-taking-25-or1e4dlk63bq.html
[5] https://www.infosecurity-magazine.com/news/companies-seven-months-recover/
[6] https://www.businesswire.com/news/home/20241119049088/en/Long-Road-to-Recovery-Fastly-Research-Reveals-Businesses-Taking-25-Longer-to-Recover-From-Cybersecurity-Incidents-Than-Expected
[7] https://cybermagazine.com/articles/fastly-incident-recovery-takes-25-longer-why-it-matters
[8] https://markets.ft.com/data/announce/detail?dockey=600-202411190301BIZWIREUSPRX__20241119BW049088-1
[9] https://betanews.com/2024/11/19/businesses-taking-longer-to-recover-from-cyber-incidents/
[10] https://www.silicon.co.uk/press-release/long-road-to-recovery-fastly-research-reveals-businesses-taking-25-longer-to-recover-from-cybersecurity-incidents-than-expected
[11] https://stockhouse.com/news/press-releases/2024/11/19/long-road-to-recovery-fastly-research-reveals-businesses-taking-25-longer-to
