If your firm’s cybersecurity posture does not strike confidence in potential customers and partners, one survey shows the possible consequences …
In a 2022 survey of 1,175 qualified security and IT professionals from five continents with enterprise security responsibilities on matters related to corporate security practices, including 260 from the Asia Pacific region (APAC), data suggests there was a “significant improvement” in leadership teams’ understanding of the importance of cybersecurity; and stronger alignment between executive leadership and their security teams.
As a whole, APAC businesses in the study had a stronger cybersecurity posture compared to the global average, when it came to implementing effective cybersecurity solutions, having a real-time, consolidated view of their security solutions, and having enough executive support.
The global talent crunch remained a key challenge in industry; adding pressure to existing teams and heightening security risks. APAC saw one of the largest cybersecurity talent gaps worldwide, with 60% of respondents reporting a shortage in their cybersecurity workforce. The talent shortage, combined with high employee turnover, causing 79% of APAC respondents, regardless of their role, to feel that employee turnover reduced the effectiveness of their security teams.
Other APAC findings
The survey also found that stress was prevalent for APAC security teams in the last two years, with 67% of respondents reporting an increase in work-related stress levels, indicating many firms were likely trying to do more with less, amid budget constraints. Also:
- The leading stressors for APAC security teams included increased regulations, retaining security resources and talent, as well as lack of cybersecurity expertise among team members. When asked what would help alleviate their stress, hiring of more experienced security team members and increased security budget came out on top.
- Despite this, the respondents indicated a higher rate of employer satisfaction, with up to 94% of respondents being happy with the security team’s performance in the last 18 months: 7% higher than the global average.
- 93% of APAC respondents reported that their firm’s security strategy and practices must now align with customers’ security policies and standards. Partners also exerted a new level of due diligence, with 88% of APAC respondents sharing that their firm must provide proof of meeting partners’ security requirements.
- 73% of respondents indicated having lost a corporate deal due to the potential customer’s lack of confidence in respondents’ company’s security strategy.
- 83% of global respondents (88% in APAC) cited cybersecurity preparedness was significantly linked to executive buy-in, in terms of receiving enough support and funding, suggesting an improvement in understanding between executive leadership and their security teams. The 2022 figure is a marked improvement over the 43% in a similar survey in 2020.
- 94% of APAC security teams in the survey had provided reports directly to their CEO in security matters such as incident explanation or issue resolution, higher than the global figure (88%).
- 87% of APAC respondents indicated an increasing trend of overlapping security solutions. With half of this overlap being accidental, security teams faced additional work to deploy and maintain duplicative tools that may not necessarily yield better security defenses or improve response times. When security experts were asked directly about the benefits of integrated security tools, they responded with “faster security issue notification, identification, and resolution”, and “delivering an overall improved security posture”.
According to Joanne Wong, Vice President, International Markets, LogRhythm, which commissioned the survey: “Having executive leadership buy-in on cybersecurity investments will play a crucial role in building a strong cybersecurity posture, to help businesses confidently navigate the challenges in an ever-evolving threat landscape.”