How are businesses responding to cyber risks?
Year after year, cyberattacks continue to escalate in frequency, severity and impact. However, prevention, detection methods and cybersecurity innovation are on the rise as forward-leaning business leaders focus on solutions that reduce cybersecurity risks and improve business performance.
As cyber-risks become increasingly prominent concerns in the C-suite and boardroom, business leaders are increasingly rethinking cybersecurity practices, focusing on a nexus of innovative technologies that can reduce enterprise risks and improve performance, according to PwC US.
The vast majority of organizations – 91% – have adopted a security framework, or more often, an amalgam of frameworks. These technologies are yielding considerable opportunities to improve cybersecurity and produce holistic, integrated safeguards against cyber-attacks.
The adapting of traditional cybersecurity measures to an increasingly cloud-based world is an example of this effort with considerable investments being made to develop new network infrastructure capabilities that enable improved intelligence gathering, threat modeling, defense against attacks and incident response. According to the report, 69% of respondents said they use cloud-based security services to help protect sensitive data and ensure privacy and the protection of consumer information.
Connected to the emergence of cloud-based systems, Big Data and the Internet of Things are each ascendant technologies that present a host of cyber challenges and opportunities. In the case of Big Data, often considered a cyber liability, 59% of respondents are leveraging data-powered analytics to enhance security by shifting security away from perimeter-based defenses and enable organizations to put real-time information to use in ways that create real value.
As the number of internet connected devices continues to surge, the Internet of Things will inevitably increase the stakes for securing cloud-based networks. Investment intended to address these issues doubled in 2015, but at this point only 36% of survey respondents have a strategy specifically addressing the Internet of Things.
Over the past three years, the number of organizations that embrace external collaboration has steadily increased. Sixty-five percent of respondents report they are collaborating with others to improve security. As more businesses share more data with an expanding roster of partners and customers, it makes sense that they also would swap intelligence on cybersecurity threats and responses.
Additional notable findings include:
Information security spending increases: Respondents boosted information security spending significantly, reversing last year’s slight drop in security spending. This year respondents boosted their information security budgets by 24% in 2015.
Evolving Cybersecurity Roles: 54% of respondents have a CISO in charge of the security program. The most frequently cited reporting structure is the CEO, CIO, Board and CTO, in that order.
Increasing Board Involvement: 45% of boards participate in the overall security strategy. This deepening of Board involvement has helped improve security practices in numerous ways.
Mobile Payments Going Mainstream: 57% of respondents have adopted mobile payments systems – but the ecosystem continues to rapidly evolve as new partnerships are formed among a constellation of technology, financial, retail and telecommunications firms.
Investing in Insurance: Technically adept adversaries will always find new ways to circumvent security safeguards. That’s why many businesses (59%) are purchasing cybersecurity insurance to help mitigate the financial impact of cybercrimes when they do occur.
Government Surveillance Impacting Buying Decisions: Purchases in certain countries are either under review (34%) or happening less frequently (22%) as a result of hearing about reports that the government is conducting surveillance on hardware, software and/or services from certain countries.