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Cybersecurity investment set to increase due to COVID

Amid growing cyber threats and rising risks due to the COVID crisis, CISOs report that boards are listening and stepping up with increased budget for cybersecurity.

This is according to a new global report from cybersecurity firm Thycotic who surveyed more than 900 CISOs/Senior IT decision-makers globally examining the biggest drivers behind Board decisions on cybersecurity spend.

The research found that more than half, 58%, of IT security decision makers say their organisations plan to add more security budget in the next 12 months and the majority, 91% agreeing that the Board supports them with investment.

However, according to the report, CISOs have their work cut out to gain the Board’s support. Almost two fifths (37%) of participants’ proposed investments were turned down because the threat was perceived as low risk or because the technology had a lack of demonstrable ROI.

“While boards are definitely listening and stepping up with increased budget for cybersecurity, they tend to view any investment as a cost rather than adding business value,” said Terence Jackson, CISO for Thycotic. “However, there is still some way to go,” he continued. “The fact Boards mainly approve investments after a security incident or through fear of regulatory penalties for non-compliance shows that cybersecurity investment decisions are more about insurance than about any desire to lead the field which, in the long run, limits the industry’s ability to keep pace with the cybercriminals.”

Other findings highlighted the way decision-makers describe their organization’s risk profile. Almost half of respondents view their organization as ‘in the pack’ (45%) and only a third consider their companies to be ‘pioneers’ (36%), embracing new technology advancements.

“Our study clearly shows that before CISOs’ can pursue technology innovation they must first educate their stakeholders about the value of cybersecurity,” said James Legg, CEO at Thycotic. “Securing Boardroom investment requires them to strike a delicate balance between innovation and compliance.”

This was posted in Bdaily's Members' News section by BS .