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Perspective & Findings

<h4>Don’t Let Application File Uploads Become Malware Downloads</h4>

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After years of being seen as a niche IT issue, cybersecurity is now a big talking point in boardrooms around the world. But that doesn’t mean that everyone has a seat at the table when it comes to cyber risk planning. CFOs like myself are often not given a voice when it comes to important security decisions despite the massive financial impact an attack may have on the organisation.To get a more quantified look at the problem, we commissioned Sapio Research to survey how UK-based business leaders and decision-makers view cyber risk, and their role in key issues like ransomware payments.The results highlighted some extremely dangerous disconnects in how senior management teams view and communicate about risk.<h2>Are CFOs getting the cold shoulder in critical security decisions?</h2>One of the strongest trends our research uncovered is that CFOs are rarely involved in key strategic decisions about cyber risk, often being relegated to the role of rubberstamping security budgets and little else. Just 12 percent of CFOs said they were actively involved in determining cyber risk and helping with plans to protect the organisation from threats.CFOs non-presence at the table was particularly evident – and relevant – when it comes to ransomware. The decision on whether or not to pay a ransom is one of the toughest security judgements a business can make, with big implications for the company’s moral character and an even bigger impact on their bank balance. Yet despite the financial consequences, just 14 percent of CFOs were involved in the final decision on whether to pay.This exclusion has a knock-on effect on calculating the financial risks of cyber threats. Just over one-third (38 percent) of all respondents across different roles were confident they could place a monetary value on their digital assets and the resulting financial impact of a breach. But nearly half (48 percent) were not confident, either because they were unsure of how accurate their assessments were or because they did not have an accurate assessment of the risk.Our research also found a huge disconnect in the way the company’s risk preparedness is seen. Just 14 percent of CFOs said they were confident their business was well-prepared to withstand a cyber-attack. In stark contrast, 63 percent of CEOs and business owners were confident in their security capabilities.This perspective from Glenn Murray, CEO at&nbsp;Sapien Cyber, in <a href="https://www.securitymagazine.com/articles/96093-the-role-of-the-cfo-in-enterprise-cybersecurity#:~:text=The%20Chief%20Financial%20Officer%20(CFO,systems%20to%20operational%20technology%20networks." target="_self">Security Magazine</a> highlights the dangers of this trending disconnect:<blockquote class="ml-3 pl-3 border-l">“It is not uncommon for security teams or their executives to be rewarded based on reduction in expenditure vs budget, breeding an alarming culture of penny pinching each year. This short-term thinking is putting organizations in jeopardy, and at risk of everything from data breaches to system hacks. A boardroom, including the CFO, that recognizes the devastating effect a cyberattack can have, both financially and reputationally, will be better placed to protect their ‘crown jewels’ from this new age of cybercriminals.”</blockquote><h2>Most businesses are not prepared for ransom costs</h2>Ransomware was one of the most prominent examples of this mismatch in risk awareness and confidence. Sixty-one percent of respondents admit that their business has been hit by a ransomware attack, with 56 percent paying the ransom demand.Those that did pay up were often unpleasantly surprised. On average, respondents said they would be willing to pay around £760,000 to restore their systems – but the actual average for those who did pay was just over £3m. Adding insult to injury, only a third (32 percent) of those who met the demand got all of their data back from the attackers.<h2>More intriguing insights</h2>Organisations and cyber criminals alike are fixated on the bottom line and their ability to make a profit. Getting hit by a serious cyberattack can have huge financial implications, with lost customers and operational time, regulatory fines and incident response costs quickly racking up huge costs – even before factoring in a potential six-figure ransom demand.It’s not necessary for the CFO to be a cyber security expert, but they need to have a seat at the table if the organisation is to have a chance at gaining an accurate picture of their exposure to cyber threats, the financial impact of a potential breach, and the company’s level of risk exposure.To find out more, view the full report's findings <a href="https://www.deepinstinct.com/pdf/dangerous-disconnects-the-pitfalls-of-cfo-and-ciso-cyber-risk-misalignment" target="_self">here</a>.

Failing to Include Finance in Cyber Risk Planning Could be Costly

What Makes Deep Instinct a Leader in AI-Based Deep Learning 

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Deep Instinct is proud to have achieved several key milestones this year. In April, we announced our <a href="https://www.deepinstinct.com/news/deep-instinct-closes-100-million-series-d-new-funding-to-fuel-hyper-growth">$100M Series D funding round</a> let by BlackRock with an additional <a href="https://www.deepinstinct.com/news/chrysalis-investments-invests-">$67M investment</a>
from Chrysalis Investments. We also expanded our core executive leadership team, first welcoming Jeffery Giannetti as Chief Revenue Officer, and adding Scott Stout as Vice President of Americas Sales and Brian Feeney as Vice President of Global Channels and MSSPs. Now, our #28 ranking in Deloitte’s annual 2021 Technology Fast 500™ list is another notable benchmark highlighting a year of tremendous growth and market validation. 

“We are honored to be recognized in this year’s Deloitte Technology Fast 500 list. I’m very proud of the work we’ve done to make Deep Instinct a leader in AI-based deep learning for cybersecurity at a time when ransomware attacks are at an all-time high,” said Guy Caspi, CEO and co-founder of Deep Instinct. “Deep Instinct is growing rapidly and hiring the talent needed to meet the growing demand for prevention-first security solutions that stop the world’s most challenging cyber threats. We look forward to carrying this exciting momentum into 2022 and beyond.”

Deep Instinct’s #28 ranking as one of the 500 fastest-growing technology, media, telecommunications, life sciences, and energy tech companies in North America marks our first inclusion on the list as we grew revenue 7,199% over the last four years from 2017 to 2020.

This latest recognition adds to a year of big “wins.” Earlier this year, we were recognized as a winner in the 2021 Fortress Cyber Security and 2021 CISO Choice Awards for the category of “endpoint security.” We were also named Best Cybersecurity Startup in the 2021 Cybersecurity Excellence Awards, and recognized in the Global Annual Achievement Awards for Artificial Intelligence from Awards.AI. 

We have a lot to celebrate and are incredibly proud of our team’s efforts to become a driving force for innovation around malicious threat prevention. The interest and support we’ve received from our investors and customers has been amazing, and we are eager to continue innovating with our award-winning platform.

Discover how Deep Instinct Prevention for Storage (DPS) protects your NAS storage more effectively than Trellix.

Heather Bellini

From Heather Bellini.