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News from Members EY Study: 88% of Companies Don’t Believe their Information Security Fully Meets their Organization’s Needs

EY Study: 88% of Companies Don’t Believe their Information Security Fully Meets their Organization’s Needs

by EY December 3, 2015

Website www.ey.com

► 69% say they should spend more money on cybersecurity to protect data
► More than one-third of global organizations still lack confidence in their ability to detect sophisticated cyber attacks

More than one-third (36%) of global organizations still lack confidence in their ability to detect sophisticated cyber-attacks, according to the annual EY’s Global Information Security Survey 2015, Creating trust in the digital world.

The survey of 1,755 organizations from 67 countries examines some of the most important cybersecurity issues facing businesses today and finds that 88% do not believe their information security structure fully meets their organization’s needs. When it comes to IT security budgets, 69% say that their budgets should be increased by up to 50% to align their organization’s need for protection with its managements’ tolerance for risk.

Carmen Adamescu, Executive Director, EY Romania, says: "Organizations are embracing the digital world with enthusiasm, but there must be a corresponding uptick in addressing the increasingly sophisticated cyber threats. Businesses should not overlook or underestimate the potential risks of cyber breaches. Instead, they should develop a laser-like focus on cybersecurity and make the required investments. The only way to make the digital world fully operational and sustainable is to enable organizations to protect themselves and their clients and to create trust in their brand."

Vulnerabilities and threats: a shift in perceptions
The survey found that companies currently feel less vulnerable to attacks arising from unaware employees (44%) and outdated systems (34%); down from 57% and 52%, respectively, in the 2014 Global Information Security Survey (GISS). However, they feel more threatened today by phishing and malware. Forty-four percent of respondents (compared with 39% in 2014) ranked phishing as their top threat; 43% consider malware as their biggest threat versus 34% in 2014.

The survey also finds that organizations are falling short in thwarting a cyber-attack:
• 54% say they lack a dedicated function that focuses on emerging technology and its impact
• 47% do not have a security operations center
• 36% do not have a threat intelligence program, while 18% do not have an identity and access management program.

More than half (57%) said that the contribution and value that the information security function provides to their organization is compromised by the lack of skilled talent available, compared with 53% of respondents in the 2014 survey, indicating that the situation is deteriorating, rather than improving.

Carmen Adamescu adds: "Cybersecurity is inherently a defensive capability, but organizations should not wait to become victims. Instead, they should take an ‘active defense’ stance, with advanced security operations centers that identify potential attackers and analyze, assess and neutralize threats before damage can occur. It is imperative that organizations consider cybersecurity as an enabler to build and keep customers’ trust."

Some examples of the industries surveyed:

About the survey
EY’s Global Information Security Survey was conducted between June 2015 and September 2015. Participants included 1,755 organizations from 67 countries and across all major industries. For our survey, CIOs, CISOs, CFOs, CEOs and other information security executives took part in the annual survey.

About EY Romania
EY is one of the world's leading professional services firms with approximately cu 212.000 employees in 700 offices across 150 countries, and revenues of approximately $28,7 billion in the fiscal year that ended on June 30, 2014. Our network is the most integrated at global level and its vast resources allow us to help our clients benefit from every opportunity. In Romania, EY has been a leader on the professional services market since its set up in 1992. Our over 650 employees in Romania and Moldova provide seamless assurance, tax, transactions, and advisory services to clients ranging from multinationals to local companies. Our offices are based in Bucharest, Cluj-Napoca, Timisoara, Iasi and Chisinau. EY Romania is the most attractive employer in consultancy in the country, and the most sought after employer out of the Big4, according to studies conducted by Catalyst and Trendence 2015. For more information, please visit www.ey.com.

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