Business Wire

State-Sponsored Cyberattacks: A Major Threat to Businesses, Study Finds

Share

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.

For a summary of key takeaways from the report, see the infographic here, and for full details, click here.

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.

Contact information

Casey Johnson
APCO Worldwide
techaccord@apcoworldwide.com

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

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

High-Quality Healthcare, Education Systems Highlighted in China's Two Sessions7.3.2021 04:41:00 CETPress release

Building Healthy China and a high-quality education system are both important content in the draft outline of the 14th Five-Year Plan (2021-2025) for national economic and social development and the long-range objectives through the year 2035, which will be reviewed by lawmakers at the ongoing National People's Congress (NPC) session. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210306005020/en/ On the second day of this year's annual session of the NPC, China's national legislature, President Xi Jinping joined a group meeting with national political advisors from the education, medical and health sectors. He attended joint group meetings with national political advisors from various sectors during the Two Sessions eight times from 2013 to 2020, hearing their comments and suggestions. Ensuring people's health Talking about work in medical and health areas, Xi reiterated holding people's health as a strategic priority, call

CGTN: China Outlines Plan to Address Economic Challenges in Next 5 Years5.3.2021 14:02:00 CETPress release

China has set a gross domestic product (GDP) growth target of over six percent for 2021 and outlined a plan to promote innovation, green development, and common prosperity in the next five years. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210305005288/en/ Addressing the country's annual legislative session, Premier Li Keqiang on Friday explained how China is going to tackle the numerous challenges it faces in a new development stage. "China remains in an important period of strategic opportunity for development. Yet, there are changes in both the opportunities and challenges we face," Li said when delivering a government work report at the opening meeting of the fourth session of the 13th National People's Congress (NPC), China's top legislature. 'Extraordinary year' Describing 2020 as "an extraordinary year in the history of the People's Republic of China," the premier underscored China's "major strategic success" in fi

Everbridge Awarded Revolutionary New Public Warning Patent for Technology that Automates the Selection of the Optimal Communications Channels to Reach the Broadest, Hyper-Targeted Populations – as Fast as Possible – During a Crisis5.3.2021 13:30:00 CETPress release

Everbridge, Inc. (NASDAQ: EVBG), the global leader in critical event management (CEM), today announced the company received a revolutionary new patent related to its world-class Public Warning system. The patent pertains to technology focused on hybrid population alerting systems and intelligent sending of messages in public mobile networks. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210305005260/en/ Everbridge Awarded Revolutionary New Public Warning Patent (Photo: Business Wire) Everbridge represents the first population alerting provider to serve the entire populations of 11 countries in Europe, Asia, Oceania, the Middle East, Africa, and the Americas, supporting five European Union (EU) countries in conjunction with the EU mandate requiring member countries to have a population-wide alerting system in place by June 2022. In compliance with GDPR, Everbridge Public Warning neither collects nor stores personally identif

COVID-19’s Economic Pinch Drives More Nordic Enterprises Toward Business Process Automation for Competitive Edge5.3.2021 10:00:00 CETPress release

Large enterprises in the Nordics have been implementing business process automation over the last three years, and more organizations now see the urgency of adopting these technologies to stay competitive as COVID-19 strains the regional economy, according to a new report published today by Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm. The 2020 ISG Provider Lens™Intelligent Automation – Solutions and Services report for the Nordics finds banking, financial services and insurance companies have led the region in adopting business process automation, seeking higher productivity, cost savings and improved customer experience. Manufacturing, retail and other sectors are also embracing the technologies, which include conversational AI, natural-language processing and AI for IT operations (AIOps). “Early adopters of automation in the Nordics are stepping up digital transformation to gain an advantage when they need it most,” said Jan

International Fashion Designer Anna Chybisova Draws Major Investments Worth $9 Million for her Brand Maison d’Angelann5.3.2021 09:52:00 CETPress release

Following a series of successful market takeovers, Anna Chybisova takes another step towards success by securing another major investment for Maison D’angelann. The Gate Business Service, a private family office based out of the United Arab Emirates, has been announced as the latest investor to back Anna’s brand globally. After having invested $7 million late last year, Gate Business Service secures an additional $2 million worth of investment against a majority stake in Maison d’Angelann fashion brand. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210305005133/en/ Anna Chybisova, Fashion Designer & Owner, Maison d’Angelann (Photo: AETOSWire) Anna Chybisova’s designs and business acumen are the foremost reasons behind such heavy investments by the new partner. Reporting sales over $2 million within UAE alone and a sold-out Spring/Summer 2021 collection has strengthened the investor confidence. This growing success and custo

Xlife Sciences AG (XLS): Joint Venture With anfass Life Technologies5.3.2021 08:48:00 CETPress release

Xlife Sciences AG and Solothurn-based anfass Life Technologies AG have entered a joint venture. Hence, the jointly founded Quadira Biosciences AG has access to the 3D CoSeedis(TM) technology platform of abc biopply ag. This unique 3D cell technology enables the replication of human tissue for reliable testing and characterization of antibodies without animal testing. Xlife's technology platform for the development of antibodies will be used even more efficiently. As of today, Xlife Sciences AG has already identified 30 compounds with blockbuster potential with its antibody screening platform. These therapeutic antibodies have already shown to be safe and effective in humans. Xlife can modify these antibodies with utmost accuracy and increase the quality of the active ingredient. These are mainly advanced, highly potent antibodies with higher cytotoxic activity and improved side effect profile for cancer therapy. The target market potential of the pre-selected antibodies is in the range

Moody’s Analytics Wins IFRS 9 Solution Provider of the Year5.3.2021 08:30:00 CETPress release

Moody’s Analytics has won IFRS 9 Solution Provider of the Year in the 2021 Insurance Asset Risk Awards. It is the latest recognition for our capabilities in this space following wins for IFRS 9 – Enterprise Solution of the Year and IFRS 9 – ECL Modelling Solution of the Year at last year’s Risk Technology Awards. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210304006204/en/ Central to our offering for insurers is the ImpairmentStudio™ for IFRS 9 solution, a cloud-based platform that brings together our award-winning economic scenarios, data, models, and enterprise software. Financial institutions use it to automate the credit loss impairment calculations mandated by the new IFRS 9 accounting standard. For insurers, these new financial reporting requirements call for much more granular data than was previously needed. The Moody’s Analytics offering helps them access and use all of the required data while managing and monito