[BreachExchange] Businesses Using New Tech to Manage Cyber Threats

[Audrey McNeil]

http://www.cpapracticeadvisor.com/news/12267305/businesses-
using-new-tech-to-manage-cyber-threats

There is a distinct shift in how organizations are now viewing
cybersecurity, with forward-thinking organizations understanding that an
investment in cybersecurity and privacy solutions can facilitate business
growth and foster innovation. The Global State of Information Security®
Survey 2017, released today by PwC US in conjunction with CIO and CSO,
examines how executives are adopting technology and collaborative
approaches to cybersecurity and privacy to manage threats and achieve
competitive advantages.

Many organizations no longer view cybersecurity as a barrier to change or
as an IT cost. According to the survey, 59% of respondents said they have
increased cybersecurity spending as a result of digitization of their
business ecosystem. In this process, organizations not only create
products, but also deliver complementary software-based services for
products that extend opportunities for customer engagement and growth.

“There is a distinct transformation in how business leaders are viewing
cybersecurity and technology – no longer seeing technology as a threat and
understanding that cybersecurity is a vital component that must be adopted
into the business framework,” said David Burg, PwC’s US and Global Leader,
Cybersecurity and Privacy. “To remain competitive, organizations today must
make a budgetary commitment to the integration of cybersecurity with
digitization from the outset.”

Survey results also found that as trust in cloud models deepens,
organizations are running more sensitive business functions on the cloud.
Today, the majority of organizations around the world -- 63% of survey
respondents -- say they run IT services in the cloud. Additionally,
approximately one-third of organizations were found to entrust finance and
operations to cloud providers, reflecting the growing trust in cloud models.

“The fusion of advanced technologies with cloud architectures can empower
organizations to quickly identify and respond to threats, better understand
customers and the business ecosystem, and ultimately reduce costs,” added
Burg. “Cloud models have become more popular in recent years, and that
trend will likely only continue as the benefits become increasingly clear.”

According to survey respondents, organizations are also embracing both
managed security services and open-source software to enhance cybersecurity
capabilities, signaling that businesses are making cybersecurity a priority
despite many not having the necessary in-house capabilities and an overall
lack in talent to fill key positions. More than half (53%) of respondents
employ open-source software and 62% of respondents say they use managed
security services for cybersecurity and privacy -- relying on managed
security services for highly technical initiatives such as authentication,
data loss prevention and identity management.

“Designing and implementing a cybersecurity and privacy program is
challenging enough, but once a program is in place components must be
thoroughly integrated, professionally managed and continuously improved. As
this can be difficult for resource-constrained organizations, many are
adopting managed security services and utilizing open-source software,”
said Bob Bragdon, SVP/publisher of CSO.
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