FICO Survey: US Firms May be Overconfident About Cybersecurity Protection
San Jose — June 20, 2017
- 54 percent of US firms surveyed said they are better prepared for data breaches than their competitors.
- Telecommunications respondents were most confident, with 55 percent claiming they are top performers and an additional 36 percent rating their firms above average.
- Healthcare firms were least confident, with 48 percent responding that their standards are below average or they don’t know how they rate against competitors.
- Ovum conducted telephone surveys for FICO of security executives at 350 companies in the US and other countries.
Senior executives at US firms may be overconfident in their cybersecurity protection, according to a new survey conducted by research and consultancy firm Ovum for Silicon Valley analytics firm FICO. Twenty-seven percent of executives from US firms said they were better prepared than their competitors, and an additional 27 percent of these executives said their firm was a top performer. US respondents were more likely to rate their firms as above average than respondents in Canada.
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Telecommunications providers were the most confident of all. Ninety-one percent of respondents said they were better prepared than their competitors, with 55 percent calling their firm a top performer.
Healthcare institutions, in contrast, showed the least amount of confidence in their protection, with 32 percent unsure of how they stack up against competitors and 16 percent rating their firm below industry average, while only 11 percent rated their firm above average.
“The danger in overconfidence is that it can impact investment,” said Bob Shiflet, who oversees fraud and financial crime solutions at FICO. “We would encourage firms to continue their diligence and not allow confidence to turn into complacency.”
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.
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/
Matt Houser for FICO
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