Cyber incidents will remain the largest business risk worldwide in 2024, according to the current Allianz Risk Barometer. This includes data breaches, but especially attacks on critical infrastructure or assets as well as ransomware attacks.
The Allianz Risk Barometer puts business interruptions in second place in the survey in Germany. IT now forms the basis for almost all business processes. In the event of a compromise or disruption, all or many areas of the company are directly affected and business interruptions quickly result - which explains their place on the barometer.
Due to the classification of cyber risks as the greatest business risk, risk assessment plays an important role and so responsibility naturally lies with company management. All risks cannot be avoided. The special thing about IT risks, however, is that they change dynamically and management must therefore weigh them up frequently and sometimes without warning.
Cybersecurity as a business enabler
Today, no CEO can avoid dealing with cyber risks and assessing their relevance for their own company. Here, the Chief Information Security Officer (CISO) is required as the most important advisor, who has the relevant IT security information alongside the managing director. This requires an analysis of internal and external IT security information for a well-founded risk assessment. Companies must have a detailed understanding of their IT environment and possible vulnerabilities and consider these in relation to current attack patterns and threats. By identifying and prioritizing the greatest risks for your company, you can efficiently deploy security resources exactly where you need them most.
An Current study by Trend Micro in collaboration with the Brandenburg Institute for Society and Security (BIGS) highlights that investing in cybersecurity is much more than a purely defensive measure. They are a significant lever for business growth and customer satisfaction. The study underlines how important a holistic and forward-looking approach is: Cybersecurity is therefore a central element for business success, creates added value for customers and promotes innovative business models. The right cybersecurity strategy becomes the business enabler of the future.
Skilled labor shortage as a growing risk
Richard Werner, Business Consultant at Trend Micro (Image: Trend Micro).
The demographic change, which is particularly characterized by the withdrawal of the baby boomer generation from the labor market in all sectors, is also reflected in the current Allianz Risk Barometer. Worldwide, the worsening shortage of skilled workers is seen less as a business risk (10th place), but in Germany it ranks fourth. In many countries the unemployment rate remains very low; in Germany, for example, it was 2023 percent in 5,7, one of the lowest values in the last 18 years. Companies are looking for employees in almost all industries. The gaps in vacancies for IT and data experts are particularly large. According to BITKOM, 2023 positions in the IT sector were unfilled in Germany in December 149.000.
AI tools offer relief
To address the skills shortage on security teams struggling with the sheer volume, complexity and rapid evolution of threat intelligence, there are a number of technological support options available. Using generative AI tools, such as Trend Companion, can help. Such tools, which are easy to use, reduce the complexity of security messages and reports, which speeds up security processes.
In addition, Extended Detection and Response (XDR) can add valuable automation functions to existing security systems in companies. AI-powered XDR can increase overall efficiency in the company's security operation center (SOC) and reduce the workload of internal specialists. By exploiting the technical possibilities of modern detection and response and receiving maximum support from automation and AI, companies can best protect themselves from the growing threat of cyber attacks.
Ransomware remains as “the threat”
Ransomware attacks in particular remain a lucrative business model for hackers. Such incidents are often only discovered when it is already too late. This is particularly the case in smaller companies that simply lack the resources for a sophisticated cyber defense strategy. To protect themselves, companies can seek advice from Managed Security Service Providers (MSSP) to understand how to compensate for the skills shortage and ensure a comprehensive security strategy. Regardless of size, hardly any company today is able to handle the growing security challenges on its own.
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About Trend Micro As one of the world's leading providers of IT security, Trend Micro helps create a secure world for digital data exchange. With over 30 years of security expertise, global threat research, and constant innovation, Trend Micro offers protection for businesses, government agencies, and consumers. Thanks to our XGen™ security strategy, our solutions benefit from a cross-generational combination of defense techniques optimized for leading-edge environments. Networked threat information enables better and faster protection. Optimized for cloud workloads, endpoints, email, the IIoT and networks, our connected solutions provide centralized visibility across the entire enterprise for faster threat detection and response.