There’s a long way to go in changing business execs’ perception of security investments, yet solution providers should be pleased to see progress on this front.
87% said they are concerned about the potential for security breaches at their companies. Nearly half are “very concerned.” Some 41% are “much more concerned” than they were just three years ago.
31% said the primary purpose of cyber-security is growth enablement, but 69% still see the main purpose as risk reduction.
While 44% consider cyber-security to be a competitive advantage, 56% still see it as a cost of doing business.
A full 71% believe cyber-security risks hinder their innovation. Well over a third (39%) report they have halted a mission-critical initiative due to cyber-security concerns.
39% said the CEO and board of directors are most accountable. Another 35% cited the chief risk officer. Another 30% cited the CIO/CISO.
64% report that the success of their digital business strategy hinges on cyber-security to a significant degree. Another 32% said IT security would have a moderate impact.
28% said confidence in IT security makes them more willing to pursue digital transformation. Another 41% said IT security makes them somewhat more willing. But only 30% said they consider cyber-security implications before launching a new project.
Lost business followed by lost assets, lost productivity, regulatory fines, and litigation and remediation costs are cited as the top five negative impacts on the business.
87% of companies say they are increasing cyber-security spending in the next year—41% “significantly.” Financial execs Cisco interviewed said that it is becoming easier to get cyber-security projects funded because the benefits are understood better.
The top four activities organizations engage in are risk assessment of digital assets (44%), cyber-security response plans (40%), and digital asset value assessments and evaluation of cyber-security investments (both tied at 35%).
45% said they are prepared from a cyber-security perspective when it comes to big data and analytics. In contrast, 38% said they are prepared from a cloud computing perspective and 37% said they are prepared for the Internet of things.
Cisco claims to have identified 400-plus use cases that will drive $7.6 trillion in digital value globally over the next decade. Cisco says defensive use cases (i.e., protection of intellectual property and avoidance of security breaches) will deliver less than one-quarter ($1.8 trillion) of cyber-security’s total digital value.