State-Sponsored Cyberattacks: A Major Threat to Businesses, Study Finds
A majority of businesses surveyed for a study by the Economist Intelligence Unit (EIU) and the Cybersecurity Tech Accord released today, see state-led and sponsored cyberattacks as a major threat. They are concerned about catastrophic reputational and financial consequences and call for greater international political cooperation to mitigate these threats.
The survey was conducted between November and December 2020, before the pernicious cyberattack on software company SolarWinds came to light. That attack was a moment of reckoning for many organizations about the challenges posed by state-led and -sponsored cyberattacks but, as the survey reveals, many businesses have long been aware of the escalating threat.
In recent years, cyberattacks led or sponsored by states have transformed cyberspace. This escalating conflict online has been accelerated by the wide-reaching consequences of COVID-19. In fact, almost 8-in-10 respondents say the pandemic has increased the likelihood of a state-led or -sponsored cyberattack on their organization.
Results show private sector leaders expect cyber threats by state actors to increase in the years ahead and want governments to implement effective policy solutions at the national and international level. In further detail, the key study findings are:
- State-led and -sponsored cyberattacks are a source of major concern for private organizations. 80 percent of respondents are concerned about their organization falling victim to a nation-state cyberattack, with the majority saying that this concern has increased in the past five years.
- Companies expect cyber threats from nation-state actors to increase in the next five years and will be second only to that of organized crime. This would be a grave development, given that states have significant resources and advanced tools and technologies, which can later be repurposed by other attackers.
- There is a false sense of security. 68 percent of executives feel their organizations are “very” or “completely” prepared to deal with a cyberattack. Charles Carmakal, senior vice president and chief technology officer at FireEye and one of the experts interviewed by the EIU, suggested that most organizations don’t have tangible experience dealing with such threats because they are rarely the primary targets of these attacks. The recent SolarWinds hack may compel more organizations to think about how they mitigate risk.
- Increased corporate investment in cybersecurity is crucial but government action, nationally and internationally, is needed. 6-in-10 executives say that their country only offers a medium or low level of protection and that stronger international economic and political cooperation is essential to address the challenges, and to cultivate a more secure and stable online environment.
“Recent state-led and -sponsored attacks serve as a powerful reminder of an escalating problem that is too big to ignore,” said Brad Maiorino, executive vice president and chief strategy officer, FireEye. “There needs to be a fundamental shift in security planning beyond the efforts of any one organization, and this shift requires proactive and cooperative action from government and industry.”
“Although cyberattacks are a silent threat, they can have devastating and long-lasting effects on our society. Given the recent escalation of tensions in cyberspace, cooperation between governments is becoming increasingly complicated as political systems differ and technological competition rises,” said Marietje Schaake, president of the CyberPeace Institute. "This survey is an important call to action for democratic governments to step up and think more inclusively about the kind of cyber assistance they provide to protect companies in key sectors, and ultimately civilians."
Since its inception, the Cybersecurity Tech Accord has highlighted this troubling situation, inviting governments to protect the online environment and refrain from using the internet as a domain of conflict, directly or through third parties. As an industry voice and staunch advocate for responsible behavior in cyberspace, the Cybersecurity Tech Accord has consistently called on governments to do more to defend against cyber-threats online, uphold international law, and implement international cybersecurity norms.
“As a coalition of over 150 global technology companies, we are greatly concerned by state-sponsored cyberattacks, which are becoming ever more frequent and sophisticated. Something needs to be done and soon,” said Annalaura Gallo, secretariat of Cybersecurity Tech Accord. “This survey shows that businesses see state-led and -sponsored cyberattacks as a pressing issue that demands governments act nationally and internationally. We need agreement at the United Nations and the involvement of business and civil society through multi-stakeholder forums, such as the Paris Call for Trust and Security in Cyberspace. We hope these survey results will be the start of a larger, global conversation around this important topic.”
The survey targeted over 500 director-level or above executives from businesses in Asia-Pacific, Europe, and the United States, familiar with their organization’s cybersecurity strategy and representing a wide range of industries, led by IT and technology, retail and consumer goods.
To learn more about the Cybersecurity Tech Accord, visit www.cybertechaccord.org.
About the Cybersecurity Tech Accord: In April 2018, 34 global technology and security companies signed the Cybersecurity Tech Accord, a watershed agreement and public commitment to protect and empower civilians online. Since then, this initiative has become the largest industry-led effort of its kind, with over 150 signatory companies across the world pledging to improve the security, stability, and resilience of cyberspace. More information can be found here.
About the Economist Intelligence Unit (EIU): The EIU is the thought leadership, research and analysis division of The Economist Group and the world leader in global business intelligence for executives. The EIU uncovers novel and forward-looking perspectives with access to over 650 expert analysts and editors across 200 countries worldwide. More information can be found here.
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
CGTN: What Are Generations of Chinese Communists Striving For?27.2.2021 16:36:00 CET | Press release
The Communist Party of China (CPC), the ruling party of the world's most populous nation and the second largest economy, is turning 100 this year. What has been motivating the CPC to fight against one challenge after another over the past century? This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210227005021/en/ "The original aspiration and the mission of Chinese Communists is to seek happiness for the Chinese people and rejuvenation for the Chinese nation," General Secretary Xi Jinping of the CPC Central Committee said in his report to the 19th CPC National Congress in October 2017. "This founding aspiration, this mission, is what inspires the Chinese Communists to advance," Xi said. Self-discipline, selflessness In March 2018, Xi, also the Chinese president, further explained the cause pursued by the CPC with a quote from an ancient poem: "A virtuous person is as sharp-sighted as a clear mirror hanging high, a selfless perso
Colicity Inc. Announces Closing of $345 Million Initial Public Offering26.2.2021 23:00:00 CET | Press release
Colicity Inc. (the “Company”) announced the closing today of its initial public offering of 34,500,000 units, including the underwriters’ exercise of their full over-allotment option for 4,500,000 units, at a price of $10.00 per unit. The units are listed on the NASDAQ Stock Market (NASDAQ) and began trading under the ticker symbol “COLIU” on February 24, 2021. Each unit consists of one Class A share and one-fifth of one redeemable warrant, with each whole warrant exercisable to purchase one Class A share at a price of $11.50 per share. Only whole warrants will be exercisable. Once the securities comprising the units begin separate trading, the Class A shares and warrants are expected to be listed on the NASDAQ under the symbols “COLI” and “COLIW,” respectively. Colicity Inc. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company int
C3 AI and Baker Hughes to Provide Enterprise AI Solutions to Accelerate PETRONAS Digital Transformation Program26.2.2021 15:00:00 CET | Press release
C3 AI (NYSE: AI) and Baker Hughes today announced an artificial intelligence (AI) collaboration with PETRONAS, a global energy and solutions company from Malaysia, to apply BakerHughesC3.ai (BHC3) technology across PETRONAS’s strategic digital transformation programs. As the custodian of Malaysia's national oil and gas resources, PETRONAS runs an extensive digital transformation program across energy operations to extract value from data. The adoption of AI as part of its overall program for improved oil and gas productivity, asset integrity, and safety supports PETRONAS’s commitment to provide clean, efficient energy solutions by harnessing the power of technology. PETRONAS will work with energy technology, data science, and AI experts at Baker Hughes and C3 AI to collaborate on projects focused on improved reliability of energy assets in critical operations. Utilizing Microsoft Azure, PETRONAS will deploy the BHC3™ Reliability application to further improve maintenance programs for g
Avania in Position for Next Stage of Growth26.2.2021 14:00:00 CET | Press release
Avania, a leading global full-service contract research organization (CRO) focused on medical technology (MedTech) development, today announced that it has successfully refinanced its existing banking facilities with Crescent Capital Group. “This new banking facility allows us to accelerate our next phase of organic and acquisitive growth over the next few years,” said Edo van Houten, CFO of Avania. “This transaction is also a reflection of the progress we have made in our brand strategy and position in the market, and it demonstrates the confidence of the financial community in our operational and strategic plan.” Avania has navigated confidently through the COVID-19 pandemic, posting a strong year of growth in 2020 despite the pandemic. The company will continue its growth trajectory as a global MedTech-focused CRO, supporting products from concept through post-market support. MedTech is all Avania does, navigating innovative medical technologies to market effectively and efficiently
Ipsen Receives Positive CHMP Opinion Recommending Cabometyx ® in Combination With Opdivo ® as First-line Treatment for Patients Living With Advanced Renal Cell Carcinoma26.2.2021 12:37:00 CET | Press release
Regulatory News: Ipsen (Euronext: IPN; ADR: IPSEY) today announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has recommended approval for Cabometyx® (cabozantinib) in combination with Bristol Myers Squibb’s Opdivo® (nivolumab) for the first-line treatment of advanced renal cell carcinoma (aRCC). The European Commission, which has the authority to approve medicines for the European Union (E.U.), will now review the CHMP recommendation and a final decision on the application in the E.U. is expected in the coming months. “Advanced renal cell carcinoma is a disease that significantly impacts the lives of people around the world. We’re proud to be able to share that the CHMP has confirmed a positive recommendation for Cabometyx® in combination with Opdivo®, bringing this impactful new treatment option one step closer for patients,” said Howard Mayer, Executive Vice President and Head of Research and Development, Ipsen. “At Ipsen, w
Hiro Capital Leads $15 Million of Games VC Investment Into Snowprint Studios, Double Loop Games and Happy Volcano Games26.2.2021 09:55:00 CET | Press release
Three international video game studios are the latest investments for Hiro Capital, the entrepreneur-led Venture Capital fund focused on backing innovators in Video Games, the Metaverse, Esports and Digital Fitness. The three mobile and cross-platform studios – Snowprint in Stockholm/Berlin, Double Loop Games in San Francisco and Happy Volcano in Belgium – will use Hiro’s investment to expand their development pipelines and accelerate global growth. They join UK and US Games studios Flavourworks, Polyarc and Lightfox in the Hiro Capital portfolio, alongside pioneers in the gamification of Games Streaming and Digital Fitness LIV.tv, Edgegap,FitXR and Nurvv. Ian Livingstone, co-founding partner at Hiro Capital, said, "We are excited to begin 2021 by announcing Hiro's investment in three amazing games studios, Snowprint, Double Loop and Happy Volcano. Each studio has demonstrated innovation and expertise in developing fun to play games which resonate with today’s audiences. I’m especially
Inspur Information Releases 2020 Global Computing Index Report26.2.2021 09:07:00 CET | Press release
Inspur Information, a leading IT infrastructure solutions provider, has sponsored an International Data Corporation (IDC) white paper on the 2020 Global Computing Index (henceforth referred to as The Report). As the world’s first index report on computing, The Report unveils the relationship between computing power and economic development and serves as a reference for the outlook of the global digital economy. Global digital transformation has entered a phase marked by exponential growth in innovation, with the size of the digital economy projected to continue on an upward trend. As a key factor that underlies digital technology development, computing is now defining the productivity of the digital economy era. According to The Report, economic growth directly correlates with the development of computing—one point of growth in the computing index translates to a 3.3‰ rise in the size of the digital economy and a 1.8‰ growth in GDP. Specifically, AI computing market share is projected
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom