Cyber Defense eMagazine December Edition for 2021

Survey results show businesses are becoming increasingly aware and diligent in their security practices,
especially as the pandemic reshapes work environments, including increased cloud adoption and
companies welcoming hybrid work scenarios. However, the threat of a cyberattack still looms.
Business disruption is the most prevalent concern
Nearly two-thirds (62%) of FLEETCOR survey respondents report concerns their business is at risk of
becoming cyberattack prey, while 83% strongly agree cybersecurity breaches are damaging to business.
Not surprisingly, when asked to select the most concerning cyberattack consequence, 65% of
respondents chose loss of profitability and/or disruption to operations. And it’s no wonder since, in 2020,
the average cost of a data breach was $3.86 million, according to the Cost of a Data Breach Report by
Ponemon Institute.
Little spent on cybersecurity protection
Despite the high level of apprehension for being at risk of a cyberattack, few businesses surveyed by
FLEETCOR put their money where their concern is. Fifty-seven percent of respondents said they allocate
5% or less of their annual IT budget to cybersecurity protection, while 25% allot 6%-10% of their IT
budgets to this cause. Although they’d like to spend more on cybersecurity protection, lack of capital
resources is the primary reason businesses don’t.
Digital payments here to stay
As many businesses at the onset of the pandemic temporarily closed physical locations, digital payments
soared, and this shows no signs of slowing. More than half of American business owners (53%) surveyed
said the global crisis increased their adoption with apps being the most executed method. It’s no wonder
since they’re easy to use, safe and can be used around the clock.
And while secure digital practices should be table stakes for companies conducting business with other
companies, most respondents – four out of 10 – don’t know about their vendors’ cybersecurity policies
and practices. More than 20% rely on word of mouth and said they had no knowledge regarding this
matter at all.
This practice of not knowing is risky. When vendors lack strong security controls, your company is
exposed to a myriad of risks – financial operational, regulatory and reputational, to name a few.
Don’t risk it
Going into the new year, evaluate your company and vendor security practices and identify areas you
might be falling short. Consult with your fellow business leaders and put a plan in place to mitigate risk.
The last two years have proven life is unpredictable, but the more you understand your business risk
realities, the better equipped you will be to handle security challenges.
Cyber Defense eMagazine – December 2021 Edition 137
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