How are Businesses Responding to Cyber Risks?

 

As cyber-risks become increasingly prominent concerns in the C-suite and boardroom, business leaders are increasingly rethinking cybersecurity practices

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.

pwc-102015-2.jpg

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.

Net-Security: http://bit.ly/1WKGZBm

« Military Robots Will Predict Your Next Move
Enterprises Don’t Have Big Data, They Have Bad Data »

CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

Perimeter 81 / How to Select the Right ZTNA Solution

Perimeter 81 / How to Select the Right ZTNA Solution

Gartner insights into How to Select the Right ZTNA offering. Download this FREE report for a limited time only.

CYRIN

CYRIN

CYRIN® Cyber Range. Real Tools, Real Attacks, Real Scenarios. See why leading educational institutions and companies in the U.S. have begun to adopt the CYRIN® system.

North Infosec Testing (North IT)

North Infosec Testing (North IT)

North IT (North Infosec Testing) are an award-winning provider of web, software, and application penetration testing.

ZenGRC

ZenGRC

ZenGRC - the first, easy-to-use, enterprise-grade information security solution for compliance and risk management - offers businesses efficient control tracking, testing, and enforcement.

CSI Consulting Services

CSI Consulting Services

Get Advice From The Experts: * Training * Penetration Testing * Data Governance * GDPR Compliance. Connecting you to the best in the business.

Skkynet Cloud Systems

Skkynet Cloud Systems

Skkynet is a leader in real-time data systems for the secure management and control of industrial processes (SCADA) and embedded devices (M2M).

ERMProtect

ERMProtect

ERMProtect is a leading Information Security & Training Company that helps businesses improve their cybersecurity posture and comply with regulations.

Truepic

Truepic

Truepic provides technologies that prevent fraud, identity theft, misinformation, and disinformation caused by generative, manipulated, or deepfake digital content.

Information Technology Industry Development Agency (ITIDA)

Information Technology Industry Development Agency (ITIDA)

ITIDA has two broad goals: building the capacities of Egypt’s local information and communications technology (ICT) industry and attracting foreign direct investments to boost the ICT sector.

PBOSecure

PBOSecure

PBOSecure is a dynamic and progressive IT consultancy company specializing in IT and Industrial Control System (ICS) security.

PureCyber

PureCyber

PureCyber (formerly Wolfberry Cyber) is an award-winning cyber security consultancy whose goal it is to make cyber security accessible, understandable, and affordable for any organisation.

DeuZert

DeuZert

DeuZert is an accredited German certification body in accordance with ISO/IEC 27001 (Information Security Management).

Cybersecurity Collaboration Forum

Cybersecurity Collaboration Forum

The mission of the Cybersecurity Collaboration Forum is to foster information security communication and idea sharing across the C-Suite, enabling leaders to better protect their enterprises.

CYBAVO

CYBAVO

CYBAVO is a cryptocurrency security company founded by experts from the cryptocurrency and security industries.

DCX Technology

DCX Technology

Recognized as a leader in security services, DXC Technology help clients prevent potential attack pathways, reduce cyber risk and improve threat detection and incident response.

Whistic

Whistic

Whistic is a cloud-based platform that uses a unique approach to address the challenges of third-party risk management.

Cyrebro

Cyrebro

CYREBRO is your online cybersecurity central command managed SOC that integrates all your security events with strategic monitoring, proactive threat intelligence, and rapid incident response.

Safe Systems

Safe Systems

Safe Systems provide compliance centric IT services for community banks and credit unions, ensuring that they are kept up to date on current technologies, security risks, and regulatory changes.

OnSecurity

OnSecurity

OnSecurity replaces the overhead of traditional penetration testing firms with a simple online interface, making it easy to book tests as and when needed.

Oxeye

Oxeye

Oxeye fills the gap between cloud and code to show exploitable vulnerabilities, and their path from API to code. More visibility. Less noise. More time to build.

Resilience Cyber insurance

Resilience Cyber insurance

Resilience helps to improve cyber resilience by connecting cyber insurance coverage with advanced cybersecurity visibility and a shared plan to reinforce great cyber hygiene.