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Only Half of Swedish Companies are Increasing Investments in Cyber Security, Despite Rise in Data Breach Attempts

May 23, 2017

Only Half of Swedish Companies are Increasing Investments in Cyber Security, Despite Rise in Data Breach Attempts

Fraud & Security May 23, 2017

STOCKHOLM — May 23, 2017

Highlights:

  • 60 percent of Swedish executives believe the number of data breach attempts will be higher in a year, but fewer than half of the executives surveyed believe their company will have stronger cybersecurity protection in a year.
  • The largest gap is found in among telecommunications executives, where 63 percent believe the number of attacks will increase in the coming year, but only 38 percent said their investment in cybersecurity protection would increase.
  • Ovum conducted telephone surveys for FICO of security executives at 350 companies in Sweden, Finland, Norway and other countries

52 percent of Swedish firms will increase their investment in cybersecurity protection to match an expected rise in data breaches, according to a new survey conducted by research and consultancy firm Ovum for Silicon Valley analytics firm FICO. Less than half of executives surveyed (46 percent) believe their company will have stronger cybersecurity protection in a year. 6 percent even believe their cybersecurity protection will worsen in the coming year.

FICO will host a Tweet Chat on the cybersecurity survey with Ovum on 1st June at 17:00 CEST. Individuals are encouraged to participate using #cybertrends.

In the survey, 64 percent of senior executives responsible for security at Swedish firms said that the number of data breach attempts had risen in the last year, and 60 percent expected a further rise in the next year.

However, just about half of the respondents – 52 percent – said that their level of investment in cybersecurity will increase over the coming year. Swedish financial services firms were the most proactive, and 80 percent said investments will increase in the coming year. In contrast, among executives in the telecommunications industry only 38 percent said their level of investment would increase.

63 percent among the surveyed security executives in the industry said they expect the level of cyber-threats and data breaches to increase in the coming year.

“Given the rise in data breaches, it’s surprising that only about half of the Swedish firms we surveyed are increasing their investment, or expect to have a stronger cybersecurity position in a year,” said Dylan Jones, Country Manager for Nordics and Baltics at FICO. “Cyber criminals are becoming more sophisticated and it is crucial that firms stay a step ahead. The survey shows that executives in the financial services industry are taking measures to counter the growth in attacks. The telecommunications industry could benefit from following their lead.”

One gap noted in existing defences is board-level reporting strategies and mechanisms for highlighting the organization’s security status. While more Swedish respondents (78 percent) report having existing monitoring, scoring, and reporting services than respondents from countries in other regions (70 percent), only 58 percent of Swedish respondents said they had board-level reporting strategies in place, compared to 66 percent globally.

“Your ability to maintain your customers’ trust determines the extent of both financial and reputational loss from a data breach,” said Andrew Kellett, principal analyst for IT security, who conducted the research for Ovum. “It is important that reporting strategies and mechanisms for highlighting the security status of your organization are embedded at all levels, to ensure there are structures in place to handle the increasing threat from cyber criminals.”

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, Sweden, Denmark and Finland in March and April 2017. Respondents represented firms in financial services, telecommunications, retail, ecommerce and media service providers.

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:
Felix von Stedingk for FICO
Burson-Marsteller
+46 (0)76 546 12 41 
fico@bm.com 

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