Story image

Cybersecurity still not top priority despite 85% businesses being breached

10 Oct 17

​Recent research reveals that cybersecurity is still taking a backseat despite the vast majority of businesses experiencing a breach in recent times.

Fortinet commissioned the Global Enterprise Security Survey which examined 1,801 IT decision makers with responsibility for IT security across 16 countries to garner the changing attitudes towards security in business.

A staggering 85 percent of respondents revealed their businesses had experienced a security breach in the past two years, with the most common vector of attack being malware and ransomware (47 percent).

Given this statistic, you’d think cybersecurity would be a prime concern for many board members – but this isn’t the case.

48 percent of IT decision makers believe that IT security is still not a top priority discussion for the board, while 77 percent saying that cybersecurity should become a top management priority and put under greater scrutiny.

However, 61 percent stated that they spend more than 10 percent of their IT budget on cybersecurity, which Fortinet asserts is a high investment. Furthermore, 71 percent said their IT security budget has increased from the previous year.

Senior executive vice president of worldwide sales and support at Fortinet, Patrice Perche says over the years we’ve seen cybersecurity become a key investment for organisations with more and more C-level executives considering it as part of their broader IT strategy

“As organisations now embrace digital transformation and turn to technologies like the cloud, cybersecurity is no longer just an IT investment but a strategic business decision,” says Perche.

“In today’s digital economy, I expect the trend we’ve seen at the board level to accelerate with security being treated as a top priority within an organisations’ broader risk management strategy. By doing so, companies will be in a better position to succeed in their digital transformation efforts.”

Fortinet says there are three key drivers for cybersecurity becoming a top priority:

  • Increase in security breaches and global cyberattacks – In addition to the aforementioned majority of companies that have experienced a breach, 49 percent said there has been an increased focus on cybersecurity following global attacks like WannaCry
  • Increased pressure from the regulators – 34 percent put the proliferation of regulators like the impending GDPR as a major driver of board awareness
  • Transition the cloud as a catalyst for security priorities – In the wake of digital transformation and cloud migration, 74 percent believe that cloud security is becoming a growing priority with 50 percent planning investment in cloud security within the next 12 months
Disruption in the supply chain: Why IT resilience is a collective responsibility
"A truly resilient organisation will invest in building strong relationships while the sun shines so they can draw on goodwill when it rains."
Businesses too slow on attack detection – CrowdStrike
The 2018 CrowdStrike Services Cyber Intrusion Casebook reveals IR strategies, lessons learned, and trends derived from more than 200 cases.
Proofpoint launches feature to identify most targeted users
“One of the largest security industry misconceptions is that most cyberattacks target top executives and management.”
McAfee named Leader in Magic Quadrant an eighth time
The company has been once again named as a Leader in the Gartner Magic Quadrant for Security Information and Event Management.
Symantec and Fortinet partner for integration
The partnership will deliver essential security controls across endpoint, network, and cloud environments.
Is Supermicro innocent? 3rd party test finds no malicious hardware
One of the larger scandals within IT circles took place this year with Bloomberg firing shots at Supermicro - now Supermicro is firing back.
25% of malicious emails still make it through to recipients
Popular email security programmes may fail to detect as much as 25% of all emails with malicious or dangerous attachments, a study from Mimecast says.
Google Cloud, Palo Alto Networks extend partnership
Google Cloud and Palo Alto Networks have extended their partnership to include more security features and customer support for all major public clouds.