Bangkok--11 Dec--PwC Consulting
Companies must do more to guard against information security breaches even while business leaders have greater awareness of cybersecurity risks, a PwC survey says.
Some 91% of organisations worldwide said they have adopted a security framework including cloud-based system and tighter collaboration to improve safety. Yet the frequency, severity, and impact of cyber breaches are still rising, according to The Global State of Information Security® Survey 2016.
The recent study, conducted by PwC, CIO and CSO magazines, reveals that more companies are becoming active in finding solutions that reduce cyber-risks and improve performance.
This resulted in an increase in information security budgets by 24% in 2015, reversing a 4% drop in spending last year. Board level participation in cyber security planning is also up.
The survey is based on responses from more than 10,000 CEOs, CFOs, CISOs, CIOs, and CSOs, as well as Vice Presidents, and Directors of IT and information security, from more than 127 countries.
Vilaiporn Taweelappontong, Lead Partner at PwC Consulting (Thailand), said despite the higher spending on security system, the number of incidents detected has risen 38% this year.
"There's still a large number of companies that lack oversight to cope with today's highly skilled and aggressive cybercriminals," Vilaiporn said.
"This year's result shows that many companies are still playing catch up in safeguarding their business, with the level of sophistication of these adversaries on the rise."
Cloud computing is increasingly central to secure interconnected digital ecosystems. According to the report, 69% of respondents use cloud-based cybersecurity services to protect sensitive data and ensure privacy and the protection of consumer information.
Companies are spending on such cloud-based services to develop new network infrastructure capabilities, allowing them to gather intelligence and guard against possible attacks.
Big Data and the Internet of Things
Big Data and the Internet of Things (IoT) also present a host of cyber challenges and opportunities.
Big Data, often seen as a cyber liability, can provide a means to improve cyber security through Big Data analytics. In fact, 59% of respondents are using data-driven analytics to enhance security and help companies put real-time information to use in ways that create real value.
As the number of connected devices grows, the proliferation of the IoT would bring both advantages and increase risks to data security and privacy, PwC said.
It cites research firm IDC's prediction that the number of devices connected to the Internet will reach 30 billion in 2020 from a projected 13 billion this year.
That said, companies are just starting to gear up for the rapid rise of IoT, with only 36% of respondents stating they have a strategy specifically addressing the IoT.
Over the past three years, the number of organisations that embrace external collaboration has steadily increased.
This year, 65% of respondents said they collaborate with others to improve security. The report also found that 59% of companies surveyed have bought cyber security insurance, while 57% of respondents have adopted mobile payments systems.
Board Participation
Another major development is an increase in board involvement, with 45% of boards now participating in the overall security strategy.
As cybersecurity roles evolves, 54% of respondents said they have a Chief Information Security Officer (CISO) in charge of the security programme.
"It's encouraging to see a growing number of executives and boards taking action to improve their organisation's security stance," Vilaiporn said.
"Greater board participation would not only open the lines of communication between the security function and top executives and directors, but it's also a critical step in changing the culture of business to proactively mitigate ever-growing cyber risks over the long term."