Big boost in cyber investment

Security is becoming mainstream as 93% of companies globally are maintaining or increasing their investment in cyber security to combat the ever increasing threat from attacks, a new survey said.


Security is becoming mainstream as 93% of companies globally are maintaining or increasing their investment in cyber security to combat the ever increasing threat from attacks, a new survey said.

Under cyber-attack, EY’s (Ernst and Young) 16th annual Global Information Security Survey 2013 tracks the level of awareness and action by companies in response to cyber threats and canvases the opinion of over 1,900 senior executives globally.

This year’s results show as companies continue to invest heavily to protect themselves against cyber attacks, the number of security breaches is on the rise and it is no longer a question of if, but when, a company will be the target of an attack.

Thirty-one percent of respondents report the number of security incidents within their organization has increased by at least 5% over the last 12 months. Many have realized the extent and depth of the threat posed to them; resulting in information security now being “owned” at the highest level within 70% of the organizations surveyed.

“This year’s survey shows that organizations are moving in the right direction, but more still needs to be done – urgently. There are promising signs that the issue is now gaining traction at the highest levels. In 2012, none of the information security professionals surveyed reported to senior executives – in 2013 this jumped to 35%,” said Paul van Kessel, EY Global Risk Leader.

Despite half of the respondents planning to increase their budget by 5% or more in the next 12 months, 65% cite an insufficient budget as their number one challenge to operating at the levels the business expects; and among organizations with revenues of $10 million or less this figure rises to 71%.

Of the budgets planned for the next 12 months, 14% ended up ear-marked for security innovation and emerging technologies. As current technologies become further entrenched in an organization’s network and culture, organizations need to be aware of how employees use the devices, both in the workplace and in their personal lives. This is especially true when it comes to social media, which respondents identified as an area where they continue to still feel unsure in their capability to address risks.

Although information security is focusing on the right priorities, in many instances, the function doesn’t have the skilled resources or executive awareness and support needed to address them.

In particular, the gap is widening between supply and demand, creating a sellers’ market, with 50% of respondents citing a lack of skilled resources as a barrier to value creation. Similarly, where only 20% of previous survey participants indicated a lack of executive awareness or support, 31% now cite it as an issue.

Click here to download the full report.

No comments
The Engineers' Choice Awards highlight some of the best new control, instrumentation and automation products as chosen by...
The System Integrator Giants program lists the top 100 system integrators among companies listed in CFE Media's Global System Integrator Database.
The Engineering Leaders Under 40 program identifies and gives recognition to young engineers who...
Learn how to increase device reliability in harsh environments and decrease unplanned system downtime.
This eGuide contains a series of articles and videos that considers theoretical and practical; immediate needs and a look into the future.
Learn how to create value with re-use; gain productivity with lean automation and connectivity, and optimize panel design and construction.
Machine design tips: Pneumatic or electric; Software upgrades; Ethernet advantages; Additive manufacturing; Engineering Leaders; Product exclusives: PLC, HMI, IO
Industrial wireless cyber security: More complex than black and white; IIoT at the I/O level; Process modeling; Cyber security research
Robotic advances: Software, form factors; System-based ROI; Embedded control; MES and information integration; SCADA and cyber security; Position sensor; Controller, I/O module
Learn how Industry 4.0 adds supply chain efficiency, optimizes pricing, improves quality, and more.

Find and connect with the most suitable service provider for your unique application. Start searching the Global System Integrator Database Now!

Drilling for Big Data: Managing the flow of information; Big data drilldown series: Challenge and opportunity; OT to IT: Creating a circle of improvement; Industry loses best workers, again
Pipeline vulnerabilities? Securing hydrocarbon transit; Predictive analytics hit the mainstream; Dirty pipelines decrease flow, production—pig your line; Ensuring pipeline physical and cyber security
Cyber security attack: The threat is real; Hacking O&G control systems: Understanding the cyber risk; The active cyber defense cycle