59% increase cybersecurity spend

Almost three in five large businesses have increased cybersecurity spending because of the threat to their business, according to a major new global survey.
59% increase cybersecurity spend

PwC’s 2017 Global State of Information Security Report, which surveyed 10,000 participants in 133 countries, found that 59% of respondents said they have increased cybersecurity spending as a result of digitisation of their business ecosystem.

It found that more than two out of five large businesses were subject to so-called phishing scams, where criminals try to obtain sensitive information such as usernames, passwords, credit card details and even money.

The majority of organisations around the world -- 63% of survey respondents -- say they run IT services in the cloud. Additionally, approximately one-third of organisations were found to entrust finance and operations to cloud providers, reflecting the growing trust in cloud models.

The report found 56% of respondents currently require employees to complete privacy training, that 57% of businesses are turning to advanced authentication technologies to add an extra layer of security and improve trust among customers, and over half (57%) are using biometrics for authentication.

Organisations are beginning to update their cybersecurity safeguards, with 46% of respondents investing in a security strategy for the Internet of Things. Phishing is the most-cited vector of cybersecurity incidents this year, with 43% of large businesses reporting phishing incidents.

Pat Moran, PwC Ireland Cybersecurity Leader, said: “From my experience of working with clients in Ireland, the global survey findings are very relevant and are very well aligned. Clients are investing in security to provide them with a competitive advantage. I see more confidence from clients in leveraging from cloud based technologies to identify cyber threats.”

He said business leaders understood cybersecurity was a vital component to remain competitive.

“Organisations must make a budgetary commitment to the integration of cybersecurity with digitisation from the outset,” he added.

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