Arbor Networks President Matthew Moynahan added, “As these findings show, when it comes to cyber-attacks, we live in a “when” not “if” world. In the wake of recent high profile targeted attacks in the retail sector, a company’s ability to quickly identify and classify and incident, and execute a response plan, is critical to not only protecting corporate assets and customer data, but the brand, reputation and bottom line of the company.”

Key findings:

Level of preparedness is being held back by lack of understanding about threats

·         Only 17 percent of business leaders feel fully prepared for an incident.

·         41 percent of business leaders feel a better understanding of potential threats would help them be better prepared.

·         Having a formal plan or team in place has a significant effect on feeling of preparedness among executives.

·         Half of all companies feel that they are unable to predict the business impact when a breach occurs.

Emphasis on reputation is driving formalization of plans and processes

·         Two-thirds of executives say that responding effectively to an incident can enhance their firm’s reputation.

·         The percentage of organizations that now have an incident response team and plan in place is set to rise above 80 percent in the next few years.

·         Firms that have suffered an incident in the past 24 months are twice as likely to have an arrangement with a third party expert as firms that have not suffered an incident.

Firms remain reticent about disclosing incidents and sharing intelligence about threats

·         57 percent of organizations do not voluntarily report incidents where they are not legally required to do so.

·         Only a third of companies share information about incidents with other organizations to spread best practice and benchmark their own response.

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