This year’s Global State of Information Security Survey gives a snapshot of the challenges facing UK executives responsible for cyber security and privacy.
It’s clear that businesses are thinking broadly about cyber security and privacy as both protectors and enablers in the digital enterprise.
They are putting the basic safeguards in place, but they need to look at how their wider digital ecosystem plays a role in proactively addressing cyber security threats and creating value.
Today’s organisations want to hear about innovative, collaborative approaches to cyber security and privacy – particularly with new technologies that can help them create new platforms, products and services.
If organisations can get it right, they have a tremendous opportunity to offer an outstanding digital experience for their customers and business partners, building customer trust and brand value.
Richard Horne, Cyber Security Partner, PwC
Although information security budgets have increased, Boards need to keep close to the strategy to ensure the budget is spent in the most effective way.
UK companies are spending on average £6.2m against £3m last year.
33% of respondents say their Boards are involved in the security budget whereas 28% say their Boards get involved in security strategy.
This year has seen a rise in incidents attributed to service providers, contractors and suppliers or business partners.
18% of companies don't know how many incidents they've had.
Cyber security training and awareness is getting better, but organisations need to think broadly and look at their wider digital ecosystem to help detect and prevent cyber security attacks.
Integrating cyber security and privacy with digital business strategies can help organisations create value and gain competitive advantage - if they get it right.
57% of UK businesses are investing more in security because of the move to digitise the business ecosystem. But 15% don't know what impact their spending has had and 6% are spending less.
In the year ahead, 52% of UK companies expect to invest in security for the Internet of Things. Almost half (48%) will invest in biometrics security and 33% in AI and machine learning security.