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More than one third of global organisations still lack confidence in their ability to detect sophisticated cyber attacks, according to the latest research from EY.
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EY uncovers alarming cyber confidence levels
17 November 2015
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The 2015 edition of the annual EY Global information Security Survey, titled Creating trust in the digital world, surveyed 1,755 organisations from 67 countries and revealed that 88 per cent of respondents do not believe their information security structure fully meets their organisation’s needs.
In addition to concerns regarding the security framework, 69 per cent of respondents noted that their budgets should be increased by up to 50 per cent to align their organisation’s need for protection with its management’s tolerance for risk.
Ken Allan, global cyber security leader at EY, said businesses should not overlook or underestimate the risks of cyber breaches.
“Organisations are embracing the digital world with enthusiasm, but there must be a corresponding uptick in addressing the increasingly sophisticated cyber threats,” he said.
“The only way to make the digital world fully operational and sustainable is to enable organisations to protect themselves and their clients and to create trust in their brand."
The survey also described the ways in which companies are falling short of being able to thwart a potential attack.
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Responses indicated that 54 per cent of organisations lack a dedicated function that focuses on emerging technology and its impact; 47 per cent do not have a security operations centre; while 18 per cent of companies do not have any form of identity and access management system.
Paul van Kessel, global risk leader at EY, stressed that although cyber security is defensive in nature, organisations should not wait to become victims.
“They should take an ‘active defence’ stance,” he noted. “It is imperative that organisations consider cyber security as an enabler to build and keep customers’ trust.”
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