Cybersecurity Maturity Report Exposes Gaps in Organizational Cyber Resilience.
In 2022, cyberattacks surged by 38% worldwide, causing major financial and reputational losses for businesses. As a result, companies have significantly increased their cybersecurity budgets to counter increasingly sophisticated threats and the expanding range of security solutions available. But with rising threats, growing budgets, and new security tools, how well-equipped are industries and nations to tackle modern cyber risks?
CYE's Cybersecurity Maturity Report 2023 explores this by assessing cybersecurity resilience across various industries, company sizes, and countries. The report identifies which sectors and regions have the strongest cyber defenses, which are falling behind, and the most common vulnerabilities in today's threat landscape.
The findings are based on two years of data from over 500 organizations across 15 countries and 11 industries. It evaluates cybersecurity maturity across seven critical security domains, including application security, network security, identity management, and remote access controls
Finding 1: Bigger Budgets don’t guarantee stronger cybersecurity
Norway ranked highest in overall cybersecurity maturity, followed by Croatia and Japan—despite having smaller cybersecurity budgets compared to the US, UK, and Germany. Instead of relying solely on financial investment, these countries benefit from advanced regulations, early cybersecurity adoption, and coordinated efforts between governments and organizations.
This finding highlights a crucial insight: spending more on cybersecurity doesn’t always lead to stronger defenses. A well-structured approach, backed by robust policies and strategic planning, can be just as—if not more—effective than simply increasing budgets.
Finding 2: Tech Companies Only Score Average in Cybersecurity
Despite being at the forefront of innovation, the tech industry ranked only average in overall cybersecurity maturity. In contrast, the energy and financial sectors led the rankings, while healthcare, retail, and government agencies scored the lowest.
This lower-than-expected score for tech companies may be due to their larger attack surfaces, as they often operate vast, interconnected systems. Additionally, their rapid adoption of new and sometimes vulnerable technologies increases risk exposure. Fast-paced growth also presents a challenge, as maintaining strong cybersecurity practices becomes more complex at scale.
Finding 3: Smaller Companies Outperform Large Enterprises in Cybersecurity
Surprisingly, small and medium-sized businesses (SMBs) scored higher in cybersecurity maturity than organizations with over 10,000 employees. This is likely because smaller businesses have fewer digital assets to protect, making security management simpler. Medium-sized companies, meanwhile, seem to prioritize cybersecurity investments effectively.
For large enterprises, the challenge lies in securing massive attack surfaces spread across multiple departments, systems, and locations. The complexity of managing cybersecurity at scale can lead to gaps in defense, despite having larger security budgets.
Finding 4: Weak Password Policies Remain a Major Security Risk
The study revealed that 32% of organizations lack effective password policies, leaving them vulnerable to cyber threats. Additionally, 23% have weak authentication mechanisms, making unauthorized access significantly easier for hackers.
This is alarming, considering that password hygiene is one of the most basic yet crucial aspects of cybersecurity. Without strong authentication measures in place, attackers can easily infiltrate systems—often with minimal effort. Organizations must prioritize multi-factor authentication (MFA) and enforce stricter password policies to mitigate this preventable risk.
Recommendations for Strengthening Cybersecurity Maturity 
The key takeaway from the report is clear: most organizations are not fully prepared to defend against cyber threats. However, achieving a high level of cybersecurity maturity does not require an unlimited budget—it requires smart planning and strategic investments.
To enhance cybersecurity posture, organizations should:
✅ Prioritize Capabilities Over Tools – Instead of simply adding more security tools, focus on building strong security frameworks, training teams, and establishing clear protocols.
✅ Conduct Regular Security Assessments – Proactively identify and fix vulnerabilities before hackers can exploit them. This includes penetration testing, threat modeling, and continuous monitoring.
✅ Adopt an Integrated, Risk-Based Approach – Cybersecurity should be a company-wide responsibility, with board-level accountability to ensure strategic alignment with business goals.
✅ Leverage Cyber Risk Quantification – Solutions like CYE help organizations measure and prioritize cybersecurity risks, ensuring resources are allocated effectively.
