Business leaders ramp up efforts on cybersecurity – PwC survey

Global executives across all industries agree that maintaining a proactive cybersecurity posture has become a key to business success, and their actions now indicate that they plan to meet the risk head on by preventing and detecting cyber threats, according to Pricewaterhouse Coopers’ recent Global State of Information Security survey.

“Many executives are declaring cyber as the risk that will define our generation,” said Dennis Chesley, Global Risk Consulting Leader for PwC. “As a result, businesses are taking an enterprise-wide business-oriented view of this important risk area.”

He added, “We are seeing more of what we once saw as a risk, being turned into possible solutions. For example, many organizations are embracing advanced authentication as a cloud service in place of solely password based authentication.”

The survey revealed that 91 percent of respondents have implemented cybersecurity frameworks, and detection of threats has increased 38 percent.

With an eye toward the new technologies such as cloud computing, the Internet of Things, and frequent interaction with third-party partners that can give rise to cyber risk, more executives told PwC that they have invested in information security heavily, take greater steps to protecting data with more sophisticated authentication rather than passwords, and lean toward sharing more data with other organizations.

The firm noted in the survey, “Forward-thinking companies are beginning to understand the need for a common privacy and cybersecurity standard that can protect the business and its customers, and help earn user trust.”

Information sharing and analysis organizations may offer a strong defense for all companies and governments, according to PwC.

“I believe ISAOs will fill certain gaps that current groups do not address and ultimately play a valuable role in contributing to a national cybersecurity immune system,” said David Burg, global and U.S. cybersecurity leader for PwC.

In addition, 59 percent of respondents say they are turning to cyber insurance to fill in the gaps and transfer the risks that cannot be avoided.

“Technically adept adversaries will always find new ways to circumvent security safeguards. That’s why many businesses are purchasing cybersecurity insurance to help mitigate the financial impact of cybercrimes when they do occur,” noted the firm.