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Putting a Digital Business Value on IT Security

 
 
By Michael Vizard
 
 
 
 
 
 
 
 
 
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    1 - Putting a Digital Business Value on IT Security
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    Putting 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.
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    2 - Level of Cyber-Security Concern
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    Level 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.
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    3 - Purpose of Cyber-Security
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    Purpose of Cyber-Security

    31% said the primary purpose of cyber-security is growth enablement, but 69% still see the main purpose as risk reduction.
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    4 - IT Security as a Competitive Advantage
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    IT 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.
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    5 - IT Security as Inhibitor to Innovation
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    IT 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.
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    6 - Cyber-Security Accountability
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    Cyber-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.
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    7 - Digital Business Strategy Depends on Security
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    Digital 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.
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    8 - IT Security as Digital Business Enabler
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    IT 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.
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    9 - Impact of IT Security Breaches
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    Impact 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.
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    10 - IT Security Funding
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    IT 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.
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    11 - Cyber-Security Risk Processes
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    Cyber-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%).
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    12 - Areas of IT Security Investments
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    Areas 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.
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    13 - Value of IT Security
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    Value 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.
 

New research points to increasing concern over IT security among finance and line-of-business executives. A survey of 1,014 senior finance and LOB execs conducted by Cisco Systems finds that not only is there more awareness of IT security within the context of digital business transformations, almost two-fifths report halting a project because of IT security concerns. At the same time, nearly a third said the main purpose of IT security is to enable business growth. While there is clearly still a long way to go in terms of changing business executives' perception of investments in IT security, solution providers across the channel should be heartened to see significant progress. In fact, Cisco claims to have identified 400-plus use cases that will drive $7.6 trillion in digital value globally over the next decade. Just as significantly, the Cisco study also notes that accountability for security is now moving outside the IT department, and that is why so many business executives admit it's now much easier to get funding for IT security projects. Channel Insider looks at key takeaways from the report.

 
This article was originally published on 2016-05-10