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Over half of business owners admit to concealing a data breach

After a year of high-profile cyberattacks, data from Arctic Wolf’s Global Survey reveals executive attitudes on a wide array of cybersecurity and business issues. The survey asked over 1,400 information technology (IT) leaders at enterprise organizations about their cybersecurity focuses.

IT executives skeptical about government ability to mitigate cyber threats

Despite recent interventions into cybersecurity issues, executives lack faith in the government’s ability to protect them from cyber threats, with 60% of organizations believing that spending on new security tools and services is the most effective way of stopping attacks.

Only 15% of U.S. executives believe that diplomacy effectively stops future cyberattacks. In comparison, 31% believe retaliatory cyberattacks against foreign nations would be effective.

Enterprises see data breaches as a reputational concern

One-third of enterprises experienced a six-figure breach last year, and more than half (61%) of business owners admitted to concealing a breach. Seventy-eight percent of C-suite executives claim that they would be willing to pay a ransom to resolve a data breach, while 56% would be willing to pay over $100,000 to resume operations.

Confidence lacking in hybrid work security

Three-quarters (74%) of executives adopting hybrid work believe their in-house IT and security teams lack the capability and expertise to fend off ransomware or other sophisticated cyber threats. Sixty percent of executives believe their individual employees could not identify a cyberattack targeting their business in any working location.

Access further findings from the global survey here.

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