40% Of Business Lose Out Due To Poor Cyber Security

New analysis reveals that nearly two in five companies have lost business due to lack of cyber security expertise. The September 2019 study conducted by Forrester shows that cyber security performance is vital to achieve commercial success and a higher focus on security can make all the difference to business.

Based on a survey of 207 security decision-makers with responsibility for risk, compliance, and/or communications with boards of directors, the study reviews how organisational error and technological complexities can inhibit businesses from accomplishing realistic security performance management.

Business leaders understand that security is a key differentiator for securing growth, with nearly three quarters of C-level respondents saying that improved security performance measurement would significantly improve company financial performance. Demands for cyber security reporting has intensified according to the study, with 79% of security decision-makers surveyed saying they had witnessed an increase. However, decision-makers say customers and partners receive some of the least accurate reporting of any security stakeholder, and 82% say that customer and partner perception of security is increasingly important, impacting the way their firm makes decisions.

The study also reports that cyber security risk ratings emerge as an early security metric bright spot with 45% of respondents using cyber security ratings, making it the third-most common metric overall.

The study reveals that commercial success is threatened due to errors in efficiently measuring security performance and communicating this to external stakeholders. Key weaknesses in measuring standards are revealed, highlighting that metrics are critical to improving communication around security performance. The study reveals companies that have formal security performance metrics in place are nearly two times more likely to develop security policies, update security technology and perform security trainings, than those that do not.

One out of five technically sound employees end up quitting their job if they find that the policies of the firm don’t comply with privacy norms, costing the firm £30,000 every time a skilled professional leaves the company, according to the study.

“Financial success, brand perception, business continuity and company reputation now all hinge on security performance,” said Tom Turner, CEO od security ratings firm, BitSight, which commissioned the report.

“But in order to effectively manage performance, you have to measure it. We think this study should serve as a call for security leaders and their executives and boards to take a close look at their strategies for security performance measurement and reporting, after all, their businesses are now on the line.”

Contiuity Insurance & Risk Magazine         Forrester Consulting

You Might Also Read: 

Employee Training Is Vital For Commercial Cybersecurity:

 

 

« AI Security Tool Thinks Much Faster Than Humans
More Girls Are Applying For Cyber Security Training »

CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

Clayden Law

Clayden Law

Clayden Law advise global businesses that buy and sell technology products and services. We are experts in information technology, data privacy and cybersecurity law.

Cyber Security Supplier Directory

Cyber Security Supplier Directory

Our Supplier Directory lists 6,000+ specialist cyber security service providers in 128 countries worldwide. IS YOUR ORGANISATION LISTED?

DigitalStakeout

DigitalStakeout

DigitalStakeout enables cyber security professionals to reduce cyber risk to their organization with proactive security solutions, providing immediate improvement in security posture and ROI.

CSI Consulting Services

CSI Consulting Services

Get Advice From The Experts: * Training * Penetration Testing * Data Governance * GDPR Compliance. Connecting you to the best in the business.

ON-DEMAND WEBINAR: 2024 and beyond: Top six cloud security trends

ON-DEMAND WEBINAR: 2024 and beyond: Top six cloud security trends

Learn about the top cloud security trends in 2024 and beyond, along with solutions and controls you can implement as part of your security strategy.

Council of European Professional Informatics Societies (CEPIS)

Council of European Professional Informatics Societies (CEPIS)

CEPIS is the representative body of national informatics associations throughout Europe and represent over 450,000 ICT and informatics professionals in 32 countries.

IT GRC Forum

IT GRC Forum

The IT GRC Forum is an online resource and networking platform for the Governance, Risk Management, and Compliance (GRC) community

CERT.GOV.AZ

CERT.GOV.AZ

Azerbaijan Government Computer Incident Response Team

Secure Thingz

Secure Thingz

Secure Thingz focus on developing and delivering advanced security solutions into the emerging Industrial Internet of Things (IIoT) and Critical Infrastructure markets.

Falanx Cyber

Falanx Cyber

Falanx Cyber provides enterprise-class cyber security services and solutions. We deliver end-to-end cyber capabilities, either as specific engagements or as fully-managed services.

BitRaser

BitRaser

BitRaser serves your needs for a managed & certified data erasure solution that can support internal & external corporate audit requirements with traceable reporting.

Cyber 2.0

Cyber 2.0

Cyber 2.0 is the only system in the world that blocks all forms of cyber attack within the organization, including new and unfamiliar attack methods.

InnoSec

InnoSec

InnoSec is a software manufacturer of cyber risk management technology.

ERNW

ERNW

ERNW is an independent IT Security service provider with a focus on consulting and testing in all areas of IT security.

Conference Index

Conference Index

Conference Index provides an indexed listing of upcoming meetings, seminars, congresses, workshops, summits and symposiums across a wide range of subjects including Cybersecurity.

GoSecure

GoSecure

GoSecure Managed Detection and Response helps all organizations reduce dwell time by preventing breaches before they happen.

MagiQ Technologies

MagiQ Technologies

MagiQ produced the world’s first commercial quantum cryptography product that delivered advanced, future-proof network security.

Outseer

Outseer

Outseer is a leading technology company in the fight against payments fraud. Outseer reliably determines authentic customers from fraudulent behavior.

Stryve

Stryve

Stryve is a leading carbon-neutral provider of specialist cloud and cybersecurity services in Europe.

Moonlock

Moonlock

Cybersecurity tech for humans. At Moonlock, we make software that seamlessly protects you and has your back as you live your life.

V2X

V2X

V2X delivers IT support, networking, and cybersecurity solutions that ensure optimal mission support and performance.