PwC Survey Reveals Shift in Cybersecurity Spending

PwC has released the annual 2017 Global State of Information Security Survey results, conducted in partnership with CIO and CSO, in which more than 10,000 worldwide IT executives and organizations each shared their input on increased security spending. Shift in Cybersecurity Spending

The survey revealed a subtle shift in the way these organizations have now approached their security needs. According to the findings, 59% of respondents said they have increased cybersecurity spending as a direct result of pushing critical business operations into the cloud. These companies are taking advantage of cybersecurity solutions to enhance software-based services and products that can increase customer engagement and business growth. This means adopting better security solutions such as data analytics and real-time monitoring, managed security services, advanced authentication, and open-source software.

“There is a distinct transformation in how business leaders are viewing cybersecurity and technology—no longer seeing technology as a threat and understanding that cybersecurity is a vital component that must be adopted into the business framework,” said David Burg, PwC’s US and Global Leader, Cybersecurity and Privacy. “To remain competitive, organizations today must make a budgetary commitment to the integration of cybersecurity with digitization from the outset.”

Survey results also found that as trust in cloud models deepens, organizations are running more sensitive business functions on the cloud, as 63% of respondents stated. Additionally, approximately one-third of organizations were found to entrust their finance and operations to cloud providers, reflecting the growing trust in cloud business models.

“The fusion of advanced technologies with cloud architectures can empower organizations to quickly identify and respond to threats, better understand customers and the business ecosystem, and ultimately reduce costs,” said Burg. “Cloud models have become more popular in recent years, and that trend will likely only continue as the benefits become increasingly clear.”

More and more enterprises are interested in increasing spending security, as it is no longer thought of as a cost barrier to change and more as an absolute necessity for today`s technological needs. Once viewed as a calculated risk, they are now looking at cloud data and the security resources that go with it to be a potential competitive advantage. These trends are reflective to how businesses are adopting new technologies and approaches in response to cybersecurity, threat intelligence and information sharing becoming business-critical, organizations addressing risks associated with the Internet of Things (IoT), and rise of geopolitical threats.

Other key findings of the study include:

  • Employee training remains a top priority for data privacy. In all, 56% of respondents currently require employees to complete privacy training.
  • Passwords are no longer thought as the only precautionary safeguard for customers, as organizations are adopting advanced authentication to add an extra layer of security and improve trust among customers. The study found that 57% currently utilize biometrics for authentication.
  • Organizations are now considering security for IoT devices, also known as one of the most vulnerable systems to cyberattacks. They are beginning to update their cybersecurity standards and safeguards to reflect interconnected systems. 46% of respondents are investing in a security strategy for the IoT.
  • Phishing is rampant, and are the most-cited reason for cyber-security incidents this year. Altogether, 43% reported phishing incidents.
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