Fraud Protection & Compliance
SAN JOSE — May 23, 2017
- 56 percent of US executives surveyed believe the number of data breach attempts will be higher in a year, but just 49 percent say their investment in cybersecurity will rise
- The financial services industry in the US is particularly at risk, with 87 percent of executives expecting an increase in attempted breaches but only 47 percent anticipating an increase in investment against such breaches at their company
- Despite the lack of investment, 53 percent of executives expect their firm to be in a better cybersecurity position in a year
- Ovum conducted telephone surveys for FICO of security executives at 350 companies in the US and other countries
Less than half of US firms will increase their investment in cybersecurity protection to match an expected rise in data breaches, according to a new survey conducted by Ovum for Silicon Valley analytics firm FICO. Yet just over half of executives surveyed believe their company will have stronger cybersecurity protection in a year.
FICO will host a Tweet Chat on the cybersecurity survey with Ovum on 1st June at 8:00 am PDT. Individuals are encouraged to participate using #cybertrends.
In the survey, 68 percent of senior executives responsible for security at US firms said that the number of data breach attempts had risen in the last year, and 56 percent expected a further rise in the next year. Among financial services firms, 87 percent expected data breaches to rise in the next year.
However, less than half of respondents – 49 percent – said that their level of investment in cybersecurity will increase over the coming year. Despite that, 53 percent of respondents said their overall cybersecurity position will be better in a year.
“There’s clearly a discrepancy between the investment rate and the threat,” said Bob Shiflet, who oversees fraud and financial crime solutions at FICO. “Without dedicated resources to outthink the criminals, we don’t see how firms can count on improving their security posture, or even staying even. Our data does show that a higher percentage of telecommunications firms — 55 percent — plan to increase their cybersecurity investment in the next year, to match their strong concern that threats will increase during that time.”
More US firms did tend to have data breach response plans; 52 percent of respondents noted their firm has a plan in place compared to just 41 percent in the UK and 44 percent in Canada. Additionally, 68 percent have existing monitoring, scoring, and reporting services, and 59 percent have board-level reporting and 61 percent have a board member responsible for oversight on cybersecurity.
Ovum conducted the survey for FICO through telephone interviews with CXOs and senior security officers in 350 companies based in the US, Canada, the UK and the Nordics in March and April 2017. Respondents represented firms in financial services, telecommunications, health care, retail, ecommerce and internet service providers.
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 170 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.
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Ovum is a market-leading research and consulting firm focused on helping digital service providers and their vendor partners thrive in the connected digital economy. Through its 150 analysts worldwide, it offers expert analysis and strategic insight across the IT, telecoms, and media industries. Founded in 1985, Ovum has one of the most experienced analyst teams in the industry and is a respected source of guidance for technology business leaders, CIOs, vendors, service providers, and regulators looking for comprehensive, accurate, and insightful market data, research, and consulting. With 23 offices across six continents, Ovum offers a truly global perspective on technology and media markets and provides thousands of clients with insight including workflow tools, forecasts, surveys, market assessments, technology audits, and opinion.
Ovum is part of the Business Intelligence Division of Informa plc, a leading business intelligence, academic publishing, knowledge and events group listed on the London Stock Exchange. https://ovum.informa.com/
Molly Wade for FICO
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