Dive Brief:

• A majority, or 61%, of companies have spent more than $1 million on digital transformation over the last three years, amid increasing cybersecurity threats, according to a report from CrowdStrike. Companies boosting their spending averaged about $4.9 million over the period.
• About two-thirds of companies have invested in digital security tools and/or increased the use of cloud technologies as employees shifted to remote work.
• The survey shows vulnerabilities such as employees bringing their devices to the network or operating with home Wi-Fi networks are exposing the company to malicious attacks. 

Dive Insight:

About 84% of organizations responding to the study have accelerated their digital transformation efforts during the pandemic, according to the company. 

"With the proliferation of work from anywhere business models, the migration to the cloud is no longer a consideration but now a need for corporate survival and effectively supporting the remote workforce," CrowdStrike officials said via email.

About 90% of companies have spent at least $100,000 to adapt to the particular security challenges posed by COVID-19, with average spend being more than $1 million. 

When asked about motives, the survey showed the attacks appeared to be motivated by access to customer data or valuable financial or intellectual property. The study also showed 89% of respondents were worried international rivalries between countries would heighten the risk of an attack. 

Legacy systems such as firewalls and antivirus software, while sufficient for office-based work environments, have fallen short during the pandemic. Companies that had moved to the cloud have fared much better in the current environment, according to Crowdstrike.

The report, commissioned by CrowdStrike and conducted by independent research firm Vanson Bourne, surveyed 2,200 senior-level IT decision makers and IT security experts in various countries, including the U.S., U.K., France, Germany, Spain, Italy, Netherlands, the Middle East, India, Japan, Singapore and Australia. The interviews were conducted in August and September, 2020. 

About 56% of those surveyed say their companies have experienced a ransomware attack over the past 12 months. Those companies paid an average of $1.1 million for a ransom in order to get information released.

A June report by Gartner warned of similar threat risks, with ransomware growing as an emerging threat and phishing, business email compromise and used more frequently in malware attacks. The report also indicated that corporate employees were using vulnerable home-based and public networks.

Last month, a Gartner analyst said that 18% of Gartner customers plan to change their security budgets mid-cycle in in response to major changes in their business.