Survey: Downturn in spending risks future information security
The downturn in security investments and vulnerabilities in social networking are regarded as major threats to corporate information security, according to research from Deloitte Touche Tohmatsu.
A survey of more than 200 organizations globally indicates a significant drop in security investment, which is having a detrimental impact on overall security. In the 12 months leading up to this year’s survey, the third edition of the Global Security Survey for the Technology, Media and Telecommunications (TMT) Industry, 32 percent of respondents reduced information security budgets. Some 60 percent of all respondents believe they are “falling behind” or still “catching up” to security threats.
Key findings:
- Security investment is spiraling down with the economy
- Social networking adds to the list of insider threats
- Outsourcing outpaces security
- Going public about privacy
- Regulatory issues are moving to the forefront
- Virtual and physical security worlds collide.
“This is the third year in which the Deloitte Touche Tohmatsu Global TMT Industry Group has published its Global Security Survey. The last edition of the security survey found that many TMT companies were just about managing to keep up with the growing threats – despite increased spend on security. What effect is the current economy having on digital security, and what are TMT companies doing to address the multitude of challenges they face? To find out, this edition of the security survey concentrates on these topics.
“The challenged macroeconomic backdrop is causing companies to review costs in all areas, including security. This year’s results show a significant drop in security investment, which is having a detrimental impact on all aspects of security in the TMT industry. In the 12 months leading up to this year’s survey, 32% of respondents reduced their information security budget. No wonder 60% of respondents believe they are “falling behind” or still “catching up” to their security threats.
“Falling spend on security is occurring despite the massive programs to digitize TMT companies’ intellectual property around the world. While the current business climate requires TMT companies to focus on an unprecedented level of cost efficiency, there is a minimum level of diligence required below which companies may be exposing themselves to critical risk. Security is particularly vital in an era in which digital malevolence is more prevalent than ever. Without smart investments in security and innovation, TMT companies might not be able to keep pace with the growing threats imposed by increasingly sophisticated attacks and emerging technologies.”
See Losing Ground: 2009 TMT Global Security Survey.
