Putting a Digital Business Value on IT Security

Cyber security

1 - Putting a Digital Business Value on IT SecurityPutting a Digital Business Value on IT Security

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.

2 - Level of Cyber-Security ConcernLevel of Cyber-Security Concern

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.

3 - Purpose of Cyber-SecurityPurpose of Cyber-Security

31% said the primary purpose of cyber-security is growth enablement, but 69% still see the main purpose as risk reduction.

4 - IT Security as a Competitive AdvantageIT Security as a Competitive Advantage

While 44% consider cyber-security to be a competitive advantage, 56% still see it as a cost of doing business.

5 - IT Security as Inhibitor to InnovationIT Security as Inhibitor to Innovation

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.

6 - Cyber-Security AccountabilityCyber-Security Accountability

39% said the CEO and board of directors are most accountable. Another 35% cited the chief risk officer. Another 30% cited the CIO/CISO.

7 - Digital Business Strategy Depends on SecurityDigital Business Strategy Depends on Security

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.

8 - IT Security as Digital Business EnablerIT Security as Digital Business Enabler

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.

9 - Impact of IT Security BreachesImpact of IT Security Breaches

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.

10 - IT Security FundingIT Security Funding

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.

11 - Cyber-Security Risk ProcessesCyber-Security Risk Processes

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%).

12 - Areas of IT Security InvestmentsAreas of IT Security Investments

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.

13 - Value of IT SecurityValue of IT Security

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.

Michael Vizard
Michael Vizard is a seasoned IT journalist, with nearly 30 years of experience writing and editing about enterprise IT issues. He is a contributor to publications including Programmableweb, IT Business Edge, CIOinsight, Channel Insider and UBM Tech. He formerly was editorial director for Ziff-Davis Enterprise, where he launched the company’s custom content division, and has also served as editor in chief for CRN and InfoWorld. He also has held editorial positions at PC Week, Computerworld and Digital Review.

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