Key insights from the 2024 Thales Global Data Threat Report
The 2024 annual Thales Global Data Threat Report is out, and we’ve got the key takeaways you need to see.
Based on input from 3,000 respondents across various industries and countries, the report sheds light on the top concerns for global enterprises in the past year and the steps they must take to bolster their security posture.
Here are four learnings organisations looking to safeguard their data assets need to know:
1 in 6 Enterprises Are Unable to Classify Data
Recent regulatory developments, such as rules from the U.S. Securities & Exchange Commission and the EU-US Data Privacy Framework, have added complexity and uncertainty for enterprises. Sensitive data discovery and classification is the top-cited security technology that managers plan to implement in the next 12 months.
Fundamental understanding of what systems, applications and data are at risk from new regulatory landscapes continues to lag behind. Over the past four years, at least one in six enterprise respondents has reported being unable to classify their data in line with regulations.
Of significant concern is the correlation between compliance failure and security breaches, with 84% of businesses that failed a compliance audit having previously experienced a breach. In contrast, only 21% of those who passed had previously experienced a breach.
Almost a Third of Breaches Are Caused by Human Error
Human error continues to be the leading cause of cloud data breaches, accounting for 31% of incidents.
Other breaches are caused with malicious intent. Most enterprises reported an increase in threats in the last 12 months, with malware, phishing, and ransomware being the fastest-growing attacks.
Ransomware attacks are increasing, with 28% of organisations experiencing an attack, up from 22% the previous year. Despite this rise, planning for such attacks remains poor, with only 21% of companies having a formal plan in place.
GenAI Is the Next Step for Enterprise
Enterprises are increasingly adopting emerging technologies such as Generative AI (GenAI), 5G, IoT, and post-quantum cryptography (PQC). However, security concerns with these technologies are also rising, with 65% of enterprises citing the security of data over 5G networks as a top concern.
As more and more organisations integrate GenAI into their products and services, with 22% planning to do so within the next 12 months, it’s becoming increasingly apparent that robust security measures are needed to safeguard businesses against new technologies.
Companies are Spending More Than Ever
Businesses are allocating more resources than ever before to protect data assets from these new and emerging technologies. Information security spending remains strong, with 93% of respondents increasing their budgets to tackle new threats.
Secrets management (56%) and workforce IAM challenges such as privileged user management (52%) are considered to be the top DevOps challenges. Enterprises are being urged to prioritise security measures and collaborate with stakeholders to bolster their cybersecurity posture and prepare for an increased attack risk in the future.
Download the Full Report
The 2024 Thales Global Data Threat Report underscores the importance of proactive security measures, stakeholder collaboration, and adapting to emerging technological landscapes.
Enterprises must align targets, spending, and effectiveness to address emerging security threats effectively. Transitioning from reactive to proactive defences, seeking stakeholder buy-in, and making security practices easier for stakeholders to adopt are key principles for security leaders.
By prioritising initiatives to grow customer trust, resilience, and readiness, organisations can foster a culture of proactive enterprise security.
To gain deeper insights into emerging cybersecurity trends and best practices, download the full 2024 Thales Global Data Threat Report.
