Ransom and AI generated attacks driving cybersecurity investment according to survey by Infosecurity Europe

Infosecurity Europe, ExCeL London, 21 May 2024: Infosecurity Europe, the most influential information security event running at ExCeL London from 4-6 June 2024, today announced further findings from its 2024 Cybersecurity Trends, Obstacles and Opportunities report highlighting that ransomware and AI generated attacks are weighing heavily on cybersecurity leaders’ minds, with almost 40% of those surveyed stating these issues were accelerating investment into cyber defences. This emphasises the urgency for organisations to stay ahead of evolving threats and allocate greater resources to bolster their defences.

With attacks becoming more frequent, complex, and damaging, businesses are allocating greater resources to bolster their defences and enhance their resilience against evolving threats. This heightened investment reflects a growing recognition of the critical role that cybersecurity plays in protecting sensitive data, preserving customer trust and safeguarding business continuity.

The threat of ransomware persists and this year’s Infosecurity Europe event is set to address the issue in greater depth. As malicious actors continue to exploit vulnerabilities in software, hardware, and human behaviour, it’s critical to drive awareness around the significant risks posed to organisations’ security and stability. From ransomware attacks targeting critical infrastructure to sophisticated phishing campaigns aimed at stealing sensitive data, the threat landscape is more diverse and dynamic than ever.

These topics will be further explored in some of the keynote sessions across the 3-day event. In a panel discussion titled ‘Ransomware - Time to Decide - Will You or Won’t You Pay?’  on Thursday 6 June from 10:55 - 11:25, Jon Davies, Senior Director - Cyber Defense, News Corp, will be joined by Paul Peters, Detective Superintendent / Managing Director, The Cyber Resilience Centre for Wales and Gareth Bateman, UK Cyber Growth Leader, Marsh. The trio will take to the stage, alongside moderator James Coker, Deputy Editor, Infosecurity Magazine, to discuss ransomware payment, a debate that has raged on for some time.  

"Ransomware attacks have become increasingly prevalent and continue to pose a significant threat to organisations. As cybercriminals continue to evolve their tactics, it is crucial for organisations to be prepared and equipped with effective response & recovery strategies. We will share real-world experiences and advice on how to respond to a ransomware attack, weighing the potential risks and consequences associated with paying the ransom. This session aims to provide attendees with the knowledge and reference needed to make informed decisions and mitigate the impact of ransomware incidents", said Jon Davies, Director of Cyber Defence at News Corp."

Jennifer McGhee, CISO of Element Materials Technology, will further examine the immediate response in the wake of an attack in her keynote ‘Crisis Management – Responding to the Unimaginable’ at 14:05 - 14:45 on Thursday 6 June.

Moderated by Paul Watts, Distinguished Analyst/vCISO, Information Security Forum, Jennifer will join a panel with Paul Mackie, CISO, Fern Trading, Stuart Seymour, Group CISO and CSO, Virgin Media O2, and Tomàs Roy, Director of the Cybersecurity Agency of Catalonia. The panel will discuss the internal procedures following an attack, examining the methods and vulnerabilities exploited and assess the effectiveness of the response and recovery actions to refine security strategies.

"As a CISO, with first-hand experience of facing a cyber attack, I understand the critical importance of crisis management", said Jennifer McGhee, CISO of Element Materials Technology. "Cybersecurity incidents can have far-reaching consequences, impacting not only an organisation’s operations but also its reputation and customer trust. Businesses need to be prepared with a robust incident response plan, detection, containment and recovery.

“This should be coupled with clear communication, collaboration, and coordination among stakeholders during a crisis. I will draw on my expertise in crisis management, along with other cybersecurity experts, to provide actionable guidance on how to strengthen overall cybersecurity posture and ensure resilience when responding to an attack."

Infosecurity Europe will feature several other sessions that explore the topic of ransomware and provide attendees with valuable insights and updates. These sessions will bring together industry experts, thought leaders, and cybersecurity professionals to discuss the latest trends, strategies, and best practices in combating ransomware attacks. Attendees will gain valuable knowledge on decision-making in ransomware situations, and the essential updates needed to stay ahead of this evolving threat.

For more information and to register visit Infosecurity Europe.

Survey methodology

The research was conducted by Censuswide, among a sample of 200 IT Security Decision Makers (18+). The data was collected between 18.01.24 - 23.01.24. Censuswide abides by and employs members of the Market Research Society and follows the MRS code of conduct and ESOMAR principles. Censuswide is also a member of the British Polling Council.

The full report can be downloaded here.

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