Every one in four organisations have faced cyber attack in past one year, according to a survey carried out by Deloitte.
According to Deloitte, about 9% of the surveyed reported multiple breaches and about 17% were not even sure that their organisations were capable of detecting an attack.
Deloitte Consulting principal and chief technology officer Mark White said that it's no longer a discussion about if an organisation will get hacked, but only a matter of when, and how quickly and effectively it will respond.
"Organizations across many industries need to change the lens through which they view cyber risk - not only relying on traditional security controls to reveal tell-tale signs of an effective attack - but by considering transforming the way they defend, detect and even manage security by leveraging cyber intelligence and advanced techniques to help identify the coming threat and proactively respond," White said.
About 48% of respondents said their businesses had recognised and triaged threats within hours, while about 21% reported their organisations did so within a week time and 9% said it took more than a week.
According to the survey, about 28% believed that infrastructure and technology were necessary to combat cyber threats, while 26% felt right talent/right skills would allow fight cyber threat, with effective operational processes by 24% and 22% felt adequate resourcing/funding would allow fighting cyber threat.
Consumer/personal information is reported to be vital to cyber criminals, followed by intellectual property, corporate strategy information and financial performance information.
About 55% of surveyed said that their organisations invested in protecting consumer/personal information, which was followed by intellectual property.
Deloitte US cyber threat management practice leader Deloitte & Touche principal Kieran Norton said that cyber security may sound technical in nature, but at its core it is a business issue.
"Any company's competitive position and financial health may be at stake," Norton said.
"Business and technology leaders need to engage in effective dialog about what the business values most, how the company can drive a competitive advantage, and which information and other digital assets are the most sensitive. Brand, customer trust and strategic positioning may be at risk," Norton added.
"There may be no such thing as hacker-proof, but there's a chance to reduce your cyber beacon, be less inviting to attack, and proactively establish outward- and inward-facing measures around your most valued assets."