Evolving cyber threat forcing organisations into security rethink

Survey found a 25 per cent global increase in cyber security incidents.
Survey found a 25 per cent global increase in cyber security incidents.

Businesses need to do more to combat cyber security threats as smart-phones, tablets and the increased use of cloud computing have elevated security risks, according to a new study.

The ‘Global State of Information Security Survey 2014, a worldwide survey by CIO, CSO and PwC’ interviewed 9,600 executive from 115 countries on the challenges of protecting their business and assets from cyber-attacks.

It found there was a 25 per cent global increase in cyber security incidents in the past 12 months. This figures was much higher for the UK, where the number of security incidents rocketed by 69 per cent.

The average security budget was found to be $4.3 billion, which was a rise of 51 per cent compared to 2012. However, the average losses as a result of security incidents were up 18 per cent and big losses increased faster than smaller losses, with the number of respondents reporting losses of over $10 million up 51 per cent from 2011.

The survey found around one in three (35 per cent) security incidents left employee data compromised and 31 per cent saw customer records compromised or unavailable. Some 29 per cent resulted in a loss or damage of internal records and 23 per cent resulted in identity theft, with client or employee data stolen.

According to the report, the implementation of mobile security lags behind the increasing use of mobile devices as the rise in ‘bring your own device’ and cloud computing elevates risks. For example, while 47 per cent of respondents use cloud computing only 18 per cent included provisions for the cloud in their overall security policy.

Overall, 28 per cent of respondents admitted to a lack of collaboration across their information security systems, which can hinder performance and slow down any adaption to market change.

Grant Waterfall, cyber security partner at PwC, said: “As cyber threats evolve, it is critical that organisations rethink their security strategy so that it is integrated with business needs and strategies and is prioritised by top executives. Collaboration with others to improve security has become a key way to gain knowledge of dynamic threats and vulnerabilities.”

“You can’t fight today’s threats with yesterday’s strategies,” added Gary Loveland, a principal in PwC’s security practice. “What’s needed is a new model of information security, one that is driven by knowledge of threats, assets, and the motives and targets of potential adversaries.”

About Security Buyer

Security Buyer is the leading authority in global security content, delivering expert news, in-depth articles, exclusive interviews, and industry insights across print, digital, and event platforms. Published 10 times a year, the magazine is a trusted resource for professionals seeking updates and analysis on the latest developments in the security sector.

To submit an article, or for sponsorship opportunities, please contact our team below.

Rebecca Spayne picture 2025

Rebecca Spayne

Managing
EDITOR

Georgina Turner image

Georgina Turner

Sales
Manager

Afua Akoto image - Security Buyer

Afua Akoto

Marketing Manager

Read the Latest Issue

Follow us on X

Follow us on X

Click Here

Follow us on LinkedIn

Follow us on LinkedIn

Click Here

Advertise here

Reach decision makers and amplify your marketing

Advertise here

Click Here

Related News

Defensive AI safeguards against cyber threats

Defense Initiative to enhance global cybersecurity underscores the importance of defending against increasingly sophisticated and pervasive cyber threats…

Bridewell in Microsoft Security Copilot Partner Private Preview

Bridewell today announced its participation in the Microsoft Security Copilot Partner Private Preview. Bridewell was selected based…

Evanssion and ThreatQuotient Join Forces

A renowned cybersecurity and cloud-native security VAD in the Middle East, Evanssion, has just announced a strategic

Most cyber attacks in Middle East involve spyware

Positive Technologies has analysed the attacks carried out on individuals in Middle Eastern countries between 2022…
Neustar

New DNS detection from Neustar

Neustar Security Services, a provider of cloud-based security services that enable global businesses to thrive online, is introducing UltraDDR…
Acronis

Acronis seals partnership with Fulham FC

Acronis, a global cyber protection company, has announced a three-year partnership with London´s oldest professional football club, Fulham FC…
Acronis

Acronis Cyber Foundation celebrates five years

Acronis is proud to celebrate the fifth anniversary of the Acronis Cyber Foundation Programme, a set of philanthropic initiatives designed to engage…
NAKIVO

NAKIVO releases v10.8 with vSphere 8 Support, MSP Console and Hybrid Cloud Backup

NAKIVO Backup & Replication v10.8 marks another major milestone in NAKIVO’s drive toward more reliable data protection for today’s business…
Scroll to Top