Kyndryl & AWS: Manufacturers have Major Cybersecurity Gaps

Global organisations face an evolving cyber threat landscape with increasing attacks, but are showing a distinct lack of cyber resilience.

That's according to findings from Kyndryl's global Cyber Gauge 2024 survey, conducted alongside Amazon Web Services (AWS).

The research exposes a crucial disconnect in how businesses perceive their preparedness compared to the actual risks they face.

While 94% of large enterprises claim to be ready to counter cyber threats, 71% admit they are likely to suffer a serious incident in the coming year – one that could disrupt operations and affect financial performance.

This contradiction reveals that many organisations may not fully grasp the complexity of today’s cybersecurity challenges.

These challenges, it seems, are getting harder to manage; the survey reveals that more than half of all IT leaders are struggling with the constant emergence of new threats, including attacks driven by nation-state actors and sophisticated tools like generative AI.

Securing hybrid cloud environments and juggling numerous security solutions also feature high on their list of concerns.

One of the most alarming statistics is that 54% of large enterprises have suffered at least one cyber attack over the past year, with 61% of those suffering multiple attacks.

Geographically, the most affected countries are Germany, Canada and India. 

Boardroom buy-in lacking

A significant factor contributing to this readiness gap appears to be insufficient support from top-level business leaders.

A concerning 69% of organisations report their executives are not backing vital cybersecurity measures, while an even greater 73% say their boards show little interest in bolstering cyber readiness.

This lack of commitment at the highest levels leaves companies vulnerable.

"The survey findings reveal a complex cyber threat landscape where businesses face persistent threats despite feeling prepared," notes Kris Lovejoy, Global Security & Resiliency Practice Leader at Kyndryl.

"It's imperative that businesses make cyber resilience a board-level priority. Achieving this is not a one-time effort but an ongoing commitment to safeguarding our digital future.”

Despite these findings, most organisations remain confident in their ability to handle changing regulatory demands.

However, this confidence does not necessarily translate into cohesive action. The survey shows 77% struggle with aligning security strategies across their organisations, while 72% lack a clear business continuity plan in place.

Sector-specific vulnerabilities

Some sectors face particularly tough challenges. The retail, manufacturing and chemicals, oil and gas industries are among the hardest hit by cyber attacks.

Retail leads the way, with 61% of companies reporting incidents. Manufacturing follows closely behind, with 57% of businesses in this sector experiencing disruptions from attacks.

The chemicals, oil and gas sectors are not far off, with 56% facing similar issues.

Interestingly, government organisations report the highest frequency of attacks, with 74% experiencing four or more incidents in the past year, highlighting the need for both public and private sectors to take these threats seriously.

Plus, 54% of organisations highlight that the shift to remote work has only added to their cybersecurity strain, with tighter budgets and a shortage of skilled professionals also weighing heavily on their defences.

These statistics paint a picture of businesses that are under siege, but struggling to maintain adequate cybersecurity strategies.

The lack of skilled workers and limited funding are major hurdles, but the biggest obstacle may be the failure to make cybersecurity a priority at the top of the organisation.

Moving forward: A call for action

If there’s a silver lining, it’s the growing recognition that businesses cannot tackle these challenges alone.

Collaboration across departments and a stronger focus on cyber resilience is required if companies are to stay ahead of an increasingly sophisticated threat landscape.

However, this requires sustained effort and investment, so the gap between perceived and actual readiness needs to be closed – and fast. 

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