A new report from Trend Micro Incorporated has identified cyber espionage as the number one threat to global companies.
The latest research, announced Tuesday (March 14), found a fifth of businesses surveyed identified cyber espionage as their most serious concern. Of the more than 2,400 companies surveyed across Europe and the U.S., more than a quarter said they are “struggling to keep up with the rapidly evolving landscape,” according to Trend Micro.
For U.S. companies in particular, a fifth said they have suffered a cyber espionage attack in the past year.
“The data shows fears over foreign government interference in democratic processes are now very real, as we saw with the accusations over Russian involvement in the U.S. presidential elections,” reflected Trend Micro Chief Technology Officer Raimund Genes in a statement. “As general elections occur around the world, we see cyber propaganda becoming the norm this year, and the repercussions will be felt within businesses as they struggle to protect themselves from potentially disastrous cyber breaches.”
Following cyber espionage, targeted cyberattacks and phishing were cited as top concerns for international businesses. Eight of the 10 countries included in the survey said the unpredictability of cyber criminals is now one of the top three most difficult challenges to protecting a business against a cyberattack.
“As more of our critical data is being moved online, nation-states are now targeting businesses to obtain this data and businesses are struggling to keep up, which could also be placing critical infrastructure at risk,” Genes continued. “Nation-states are able to use far more sophisticated methods, enabling them to target institutions such as hospitals, utilities and traffic signals, with far more disastrous consequences.”