Cybersecurity is the Number One Global Business Risk for 2024

Z Patel

The 13th annual Allianz Risk Barometer has been released, revealing that cyber incidents are the top concern for businesses globally in 2024. This is based on insights gathered from 3,069 risk management experts in 92 countries and territories. The current global cyber security workforce gap is over four million people, and demand is growing twice as fast as supply.

Gartner predicts that a lack of talent or human failure will be responsible for over half of significant cyber incidents by 2025. The shortage of skilled workforce ranks joint #5 in the top concerns of the media sector and is a top 10 risk in technology in the Allianz Risk Barometer. Prevention of cyber-attacks is becoming increasingly difficult, and the stakes are higher.

For smaller and mid-size companies (SMEs), the cyber risk threat has intensified due to their growing reliance on outsourcing for services, such as managed IT and cyber security providers. Large companies have increased their cyber protection, making small firms more vulnerable to cyber-attacks due to their limited financial resources and in-house expertise.

Businesses can proactively tackle cyber threats by identifying their most crucial information system assets in their cyber security strategy and deploying appropriate detection and monitoring software. They can also collaborate with cyber-security service partners to uncover and nullify threats attempting to gain network access.

The majority of the IT security budget is currently spent on prevention, with only around 35% directed to detection and response. As a result, early detection and response capabilities and tools are becoming increasingly important. Investment in detection backed by AI should help catch more incidents earlier to minimize unplanned downtime, increased costs, and negative impacts on customers, revenue, and reputation.

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By Z Patel “TF AI Specialist”
Zara ‘Z’ Patel stands as a beacon of expertise in the field of digital innovation and Artificial Intelligence. Holding a Ph.D. in Computer Science with a specialization in Machine Learning, Z has worked extensively in AI research and development. Her career includes tenure at leading tech firms where she contributed to breakthrough innovations in AI applications. Z is passionate about the ethical and practical implications of AI in everyday life and is an advocate for responsible and innovative AI use.
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