The adoption of teleworking and other new ways of flexible working as a result of the pandemic has left businesses exposed to more and more sophisticated cyberattacks, turning attention to their underfunded cybersecurity infrastructure, according to Ernst & Young's recent global survey, Global Information Security Survey 2021 (GISS).

This year's edition of the survey examines the views of more than 1,000 cybersecurity leaders worldwide – including Greece. It reveals that 56% bypassed cybersecurity procedures to facilitate the transition to teleworking or a flexible working model. At the same time, cybersecurity leaders say they are more concerned than ever about their ability to manage cyber threats (43%). 77% (compared to 59% last year) report an increased number of cyberattacks in the last 12 months, such as ransomware attacks.

Budgets are not in line with real cybersecurity needs

Despite the increasing number of cyber threats, cybersecurity budgets remain limited relative to the overall IT budget. The organizations of those surveyed had average revenues of $11 billion. in the previous financial year. However, average investments in cybersecurity amounted to just $5.28 million.

Nearly four in ten (39%) respondents warn that their businesses' cybersecurity budget is not enough to help them meet the challenges that have emerged in the last 12 months. The same percentage state that cybersecurity costs do not count towards strategic investments. For example, they cite IT supply chain transformation.

At the same time, 36% worry that it is only a matter of time before their body falls victim to a major breach incident. This could have been avoided if more investment had been made in cybersecurity systems.

Building relationships with the management team and cybersecurity can turn crisis into an opportunity

The relationships between cybersecurity leaders and other parts of the business are not particularly strong or warm.

Cybersecurity leaders surveyed (41%) describe their relationship with the marketing department as "negative." 28% say their relationships with business owners are poor. As a result, just 19% believe the cybersecurity team is involved in designing new business initiatives, up from 36% last year. Moreover, only 25% consider that top management would describe their company's cybersecurity directorate as 'commercially oriented'.

Commenting on the findings of the survey, Mr. Panagiotis Papagiannakopoulos, Partner in the Consulting Services Department of EY Greece and Head of Cybersecurity, Data Protection and Privacy Services of EY in Southeastern Europe, stated: "The speed with which businesses have had to respond to the new data created by the pandemic, especially with regard to teleworking, significantly increased their exposure to potential cyberattacks. As the new model of remote working seems to be consolidating and after the pandemic, it is imperative to intensify cybersecurity measures and adapt to the new normal. Globally, but also in Greece, cybersecurity leaders should raise awareness among CEOs and other management team members about this need, the associated risks and benefits of an increase in the relevant budget. Business administrations should understand the criticality of cybersecurity in the future success of their organization. Enhancing cybersecurity is now an element of differentiation and not a brake."