In today’s hyperconnected world, organizations face a complex and evolving cybersecurity landscape characterized by artificial intelligence (AI), distributed work environments, and sophisticated threat actors. Cisco’s second annual Cybersecurity Readiness Index provides an in-depth analysis of how prepared companies are to confront these modern risks.

Evaluating Organizational Preparedness

Cisco surveyed over 8,000 private sector business leaders with cybersecurity responsibilities across 30 global markets. The assessment focused on five critical pillars essential for securing contemporary organizations:

• Identity Intelligence
• Network Resilience
• Machine Trustworthiness
• Cloud Reinforcement
• AI Fortification

Key Findings from the Index

The study reveals a concerning gap between confidence and actual readiness:

• 54% of organizations experienced a cybersecurity incident in the past year.
• 73% anticipate a cybersecurity incident will disrupt their business in the next 12-24 months.
• Despite this, only 3% of organizations achieved a Mature stage of cybersecurity readiness in 2024.
• A significant 71% fall into the two least prepared categories.

These statistics highlight that while many companies feel confident—80% express moderate to high confidence in their resilience—the reality is that preparedness levels are insufficient to meet the challenges posed by today’s threats.

Challenges Facing Organizations

The evolving threat landscape, combined with resource constraints and the complexity of modern networks, cloud infrastructures, and applications, is straining organizations:

• 46% have more than 10 unfilled cybersecurity roles.
• 80% admit that multiple point solutions hinder their ability to detect, respond to, and recover from incidents.
• 36% identify Identity Protection as their top cybersecurity challenge.

The Role of AI in Cybersecurity

Artificial intelligence holds promise for enhancing security measures, yet many organizations have not fully leveraged it:

• A significant portion have yet to integrate AI into their network security solutions.
• Many have not deployed AI for securing identity verification.
• Numerous organizations have not utilized AI in managing and protecting machines.
• A considerable number have yet to adopt AI in cloud defense applications.

Strategies for Enhancing Cybersecurity Resilience

To effectively navigate this high-stakes environment, organizations must ensure that all five security pillars are robust and function cohesively. Cisco’s findings suggest proactive steps:

1. Accelerate Investment: Increase funding in protective cybersecurity measures, adopting a platform approach for maximum solution integration.
2. Address Vulnerabilities: Identify and mitigate gaps caused by unmanaged devices and unsecured Wi-Fi networks.
3. Leverage AI Advances: Stay informed on generative AI developments and incorporate them to enhance security programs and resilience.
4. Close Talent Gaps: Intensify recruitment and upskilling efforts, and consider AI to augment tasks while utilizing external expertise for infrastructure support.
5. Establish Readiness Baselines: Regularly assess and monitor organizational readiness across the five security pillars, taking action where necessary.

Investment Outlook and Future Plans

Recognizing the heightened risks, organizations are planning significant infrastructure upgrades:

• Over half (52%) intend to substantially upgrade their IT infrastructure within the next one to two years.
• Planned actions include upgrading existing solutions (66%), deploying new solutions (57%), and investing in AI-driven technologies (55%).
• An overwhelming 97% expect to increase security budgets, with over half planning increases between 11-30% in 2024.

Expert Insight

Jeetu Patel, EVP and General Manager of Security and Collaboration at Cisco, emphasized:

“We cannot underestimate the threat posed by our own overconfidence. Today’s organizations need to prioritize investments in integrated platforms and lean into AI in order to operate at machine scale and finally tip the scales in favor of defenders.”

Conclusion

As cybersecurity threats grow in sophistication, scale, and frequency, organizational readiness is imperative. By addressing the identified gaps and implementing strategic investments, companies can bolster their defenses and enhance their resilience against evolving cyber risks.

Methodology Overview

The 2024 Cisco Cybersecurity Readiness Index is based on a double-blind survey conducted between January and February 2024. The survey included 8,136 private sector business leaders with cybersecurity responsibilities across 30 global markets in North America, Latin America, EMEA, and Asia Pacific.

Respondents represented 18 industries and were assessed on 31 different solutions across the five core cybersecurity pillars. Each solution was weighted based on its importance, and organizations were scored on deployment stages, contributing to an overall cybersecurity readiness score.

Additional Resources

• Cisco Secure the Enterprise: Comprehensive solutions to protect connected businesses.
• Security Blog: Stay updated on the latest cybersecurity news and trends from Cisco Security.
• Cisco Security Products: Explore products designed to master security goals and drive innovation.