Companies are lacking the agility, the budget and the skills to mitigate known vulnerabilities and successfully prepare for and address cybersecurity.
Most organizations (67%) are facing rising threats in their information security risk environment, but over a third (37%) have no real-time insight on cyber risks necessary to combat these threats, finds EY’s annual Global Information Security survey.
Forty-three percent of respondents say that their organization’s total information security budget will stay approximately the same in the coming 12 months despite increasing threats, which is only a marginal improvement to 2013 when 46% said budgets would not change.
Over half (53%) say that a lack of skilled resources is one of the main obstacles challenging their information security program and only 5% of responding companies have a threat intelligence team with dedicated analysts.
These figures also represent no material difference to 2013, when 50% highlighted a lack of skilled resources and 4% said they had a threat intelligence team with dedicated analysts.
“Careless or unaware employees” is revealed as the number one vulnerability companies face, with 38% of respondents saying it is their first priority, and “outdated information security controls or architecture” and “cloud computing use” are second and third respectively (35% and 17%).
“Stealing financial information”, “disrupting or defacing the organization” and “stealing intellectual property or data” are the top three threats (28%, 25% and 20% respectively say it is their first priority).
This year’s survey finds that organizations need to do a better job of anticipating attacks in an environment where it is no longer possible to prevent all cyber breaches, and where threats come from ever more resourceful and well-funded sources.
“Cyber-attacks have the potential to be far-reaching – not only financially, but also in terms of brand and reputation damage, the loss of competitive advantage and regulatory non-compliance," says Paul van Kessel, EY’s Global Risk Leader.
In addition to a lack of focus at the top of the organization and a lack of well-defined procedures and practices, too many of the organizations surveyed reveal they do not have a security operations center.
Gerry Chng, EY’s Asean Information Security Leader observes that establishing a solid foundation to build up cybersecurity capabilities is crucial in today’s landscape across Southeast Asia.
“Linking their security objectives and risk profile to the required people, process, and technology controls allows organizations to allocate the right resources to safeguard what matters most to them," adds Chng.
The report encourages organizations to embrace cybersecurity as a core competitive capability. This requires keeping the organization in a constant state of readiness, anticipating where new threats may arise and shedding the “victim” mindset of operating in a perpetual state of anxiety.