Pillsbury Cybersecurity Survey Finds Many Companies Remain Ill-Prepared for a Breach

Survey of Executives Uncovers Significant Gaps in Cyber Preparedness Despite Massive Risks

NEW YORK, Nov. 3, 2022 /PRNewswire/ -- Cybersecurity is a constantly moving target, and one that has only accelerated and become less predictable with the onset of a digital transformation that continues to reshape industries. But according to a new report from Pillsbury—Cybersecurity: Confidence or Crisis?—a surprisingly large percentage of companies are still underprepared for the data protection challenges that lie ahead.

"More and more companies are handling sensitive data, and some industry experts project global annual losses from cyber threats to reach $10.5 trillion by 2025," said Pillsbury partner and Cybersecurity, Data Protection & Privacy co-leader Deborah Thoren-Peden. "While many companies feel pretty confident in their current cybersecurity infrastructure, the stakes are simply too high not to scrutinize their cybersecurity programs carefully, especially given the inconsistencies we've found in through our survey."

Conducted in partnership with Mergermarket, the report's findings are based on an extensive survey of corporate board members, C-level executives and in-house counsel. Representatives from companies around the world and operating across various sectors were asked to anonymously share information about their corporate cybersecurity and data protection policies in an effort to identify common gaps and better understand where and why they exist.

Some of the key takeaways from the survey include:

• While the vast majority of TMT and financial services executives are confident in their existing cybersecurity capabilities, only 34% of Energy, Mining & Utilities respondents feel the same.
• Only 2% of respondents said C-level executives have ultimate responsibility for cybersecurity concerns at their organizations, and 1 out of 6 does not have a dedicated in-house cybersecurity response team.
• Just 51% of survey respondents possess dedicated cybersecurity insurance, and only 47% have a corporate policy in place for responding to ransomware attacks.
• Despite the speed and complexity of cybersecurity and data privacy regulation, 1 in 3 respondents say they do not have someone on staff actively tracking related legal developments.

To read the report in full, click here.

Pillsbury's Cybersecurity, Data Protection & Privacy team helps clients of all sizes and across every industry proactively manage and safeguard the proprietary information they hold. Bringing together regulatory authorities, litigators, transactional lawyers, intellectual property counsel, seasoned government contracts practitioners and legislative strategists to provide a holistic assessment and response to changing data and cyber landscapes, we help organizations navigate new cyber technologies, adhere to complex and evolving regulations, defend against increasingly sophisticated attacks, and mitigate the financial and reputational harm that can accompany a breach. For more information, visit pillsburylaw.com/cyber.

Pillsbury Winthrop Shaw Pittman LLP is an international law firm with a particular focus on the technology & media, energy, financial services, and real estate & construction sectors. Recognized as one of the most innovative law firms by Financial Times and one of the top firms for client service by BTI Consulting, Pillsbury and its lawyers are highly regarded for their forward-thinking approach, their enthusiasm for collaborating across disciplines and their authoritative commercial awareness.

SOURCE Pillsbury Winthrop Shaw Pittman LLP