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Report: A third of firms not confident in current security practices

September 30th 2013


The evolution of the cybercriminal has inevitably caused the digital landscape to be more dangerous than ever before. For this reason, decision-makers throughout the business world are investing in more robust data protection and cybersecurity initiatives to safeguard intellectual property and other confidential assets. Unfortunately, this process is proving more difficult than many companies initially expected.

A Silicon Valley Bank survey of more than 200 technology company decision-makers found that only a third of respondents are confident that their initiatives can protect highly sensitive resources. For this reason, roughly 98 percent of executives said they intend to either maintain or increase the number of data security resources they have, with half of those respondents looking to defend against online attacks, which are becoming more common in today's interconnected business world.

"The survey shows us the threat of a cyber attack is not just hype. A surprising number of technology companies we heard from say the threat to their IP and their business is very serious," said Bob Curley, managing director of corporate finance at Silicon Valley Bank. "Companies in the tech sector, particularly software companies, are feeling exposed and increasingly having to expend resources to manage cyber attacks, rather than investing in the growth of their business."


Putting security concerns to bed


Fortunately, companies have a lot of options when it comes to security. The survey briefly highlighted this opportunity by demonstrating that firms intend to invest in different technologies, including monitoring, encryption and other preventative tools. Other strategies involve education, training and general security policies, which suggests that some organizations are planning how they will restore operations in the wake of a breach of some type.

A separate Computer Weekly report highlighted how implementing a thorough and comprehensive collaborative strategy is one of the best ways to improve information protection strategies and reduce the chances of exposing confidential data. Rather than putting security teams in silos, for example, executives should encourage strategic cross-department partnerships that will keep sensitive resources safe on multiple fronts.

Because there is no "silver bullet" to enterprise threats, Computer Weekly noted that building a strategic plan that combines the efforts of highly trained IT professionals and the people that use sensitive information on a daily basis is one of the best ways to mitigate risk in the long run. As the threat landscape evolves, proper collaboration and investment initiatives can make cybercriminals less of a problem.



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