FICO Survey: UK Firms May Be Overconfident About Cybersecurity Protection

LONDON — June 20, 2017

Highlights:

• 56 percent of UK firms surveyed said they are better prepared for data breaches than their competitors.
• Telecommunications respondents were least realistic, with 84 percent rating their firms above average, and 42 percent thinking they are top performers.
• Ovum conducted telephone surveys for FICO of security executives at 350 companies in the UK and other countries.

Senior executives at UK firms may be overconfident about their cybersecurity protection, according to a new survey conducted by research and consultancy firm Ovum for Silicon Valley analytics firm FICO. 56 percent of executives from UK firms said they were better prepared than their competitors, and about half of these executives said their firm was a top performer. UK respondents were more likely to rate their firms as above average than respondents from other countries, including the US.

More information: http://subscribe.fico.com/cybersecurity-views-from-the-c-suite

Telecommunications providers were the most confident of all. A full 84 percent of respondents said they were better prepared than their competitors, with 42 percent calling their firm a top performer. Financial services institutions were more realistic, with just 46 percent of respondents believing their firm is above average, and only 17 percent saying it is a top performer.

In addition, only 33% of UK respondents said their firms use an outside source to benchmark their security.

“It is reasonable to assume that a lack of objective measurement is helping to give firms an optimistic view of their cybersecurity situation,” said Steve Hadaway, FICO general manager for Europe, the Middle East and Africa. “For example, we also found that only 41 percent of UK firms surveyed have a tested data breach response plan, compared to 52 percent in the US. There’s nothing wrong with thinking you’re doing better than the next guy, unless it leads to complacency and a lack of investment, and our survey clearly showed that more investment is needed.”

Ovum conducted the survey for FICO through telephone interviews with 350 CXOs and senior security officers in the US, Canada, the UK and the Nordics in March and April 2017. Respondents represented firms in financial services, telecommunications, retail, ecommerce and media service providers. FICO’s solutions for cybersecurity include the FICO^® Enterprise Security Score, which firms use to benchmark their own cybersecurity posture as well as that of vendors and partners.                               

About FICO
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.

Learn more at http://www.fico.com

FICO is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.

About Ovum
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/

Media Contact:
Emily Broadbent for FICO
Catalysis
+44 (0)20 7759 2017
fico@catalysis.co.uk