FICO Survey Finds Indian Firms Are Overly Confident About Their Cybersecurity
Almost nine in ten Indian firms say their protection is above average, and 4 in 10 think they’re a “top performer”
88 percent of Indian firms surveyed said they are better prepared for data breaches than their competitors
Financial services and utility respondents were least realistic, with 100 percent rating their firm as above average or as top performers, while retail services had the highest percentage who said their firms were top performers at 60 percent
In the coming year, 80 percent of Indian financial services firms believe the overall level of cyber-threats and data breach activity will go up
62 percent of Indian firms say cybersecurity investment will increase in the year ahead. This rose to 67 percent amongst Indian financial services firms and 80 percent for utilities
Despite the growth in data breaches, security managers at Indian firms are incredibly confident in their cybersecurity preparedness, according to a new survey conducted by research and consultancy firm Ovum for Silicon Valley analytics firm FICO. Eighty-eight percent of executives from Indian firms said their firm was better prepared than their competitors in their industry. Financial services and utility respondents were least realistic, with 100 percent rating their firm as above average or as top performers, while retail services had the highest percentage who said their firms were top performers at 60 percent.
More information: http://www.fico.com/en/latest-thinking/ebook/india-views-from-the-c-suite-survey-2018
Despite this confidence, almost 1 in 3 organizations are limited to tools that provide only a point-in-time assessment of what their cybersecurity risk is, or do not currently have a robust assessment program.
“There is clearly a bit of a disconnect amongst security managers regarding where they sit in relation to the competition,” said Vishal Goyal, Country Manager, India, FICO. “In India the rapid digitization of numerous sectors of the economy has presented the country with enormous opportunity as well as risk. Staying abreast of global standards and the rapidly changing landscape of cybersecurity remains a challenge. Complacency creeps in when companies escape data breeches, or simply haven’t picked them up, so it’s important to ensure regular robust assessments.”
In the coming year, the majority (56%) of Indian firms felt that the level of cyber-threats and data breach activity will go up. However, it was financial services firms that were the most pessimistic with 80 percent expecting an increase. This was in contrast to Indian utility companies where all respondents thought the threat activity would remain the same.
In the survey, 40 percent of respondents from the financial sector said that the greatest influence on cybersecurity strategy comes from customers or investors. For retailers and telecommunications it was increases in cyber-attacks and breaches that have them focused. 62 percent of Indian firms say cybersecurity investment will increase in the year ahead. This rose to 67 percent amongst Indian financial services firms and 80 percent for utilities.
“IT leaders have greater funding than ever to protect organizations from the continuously evolving threat landscape and meet complex compliance demands," said Maxine Holt, research director at Ovum. "These same IT leaders are undoubtedly keen to believe that the money being spent provides their organization with a better security posture than any other – but the rapid pace of investment, often in point solutions, rarely takes an organization-wide view of security.”
Ovum conducted the survey for FICO through telephone interviews with 500 senior executives, mostly from the IT function, in businesses from the UK, the US, Canada, Brazil, Mexico, Germany, India, Finland, Norway, Sweden and South Africa. Respondents represented firms in financial services, telecommunications, retail and ecommerce, and power and utilities.
In July, FICO announced that it is offering free subscriptions to the Portrait portal of the FICO® Enterprise Risk Suite, which gives businesses access to their FICO® Cyber Risk Score. The score, a machine learning-based cybersecurity rating service, can show organizations how business partners and cyber insurance underwriters see their network security, and can help them benchmark their performance. More information is at http://cyberscore.fico.com.
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 185 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time. www.fico.com
Ovum is a market leading research and consulting firm focused on helping digital service providers and their vendor partners thrive in the connected digital economy. Through its 150 analysts worldwide, it offers expert analysis and strategic insight across the IT, telecoms, and media industries. Founded in 1985, Ovum has one of the most experienced analyst teams in the industry and is a respected source of guidance for technology business leaders, CIOs, vendors, service providers, and regulators looking for comprehensive, accurate, and insightful market data, research, and consulting. With 23 offices across six continents, Ovum offers a truly global perspective on technology and media markets and provides thousands of clients with insight including workflow tools, forecasts, surveys, market assessments, technology audits, and opinion. Ovum is part of the Business Intelligence Division of Informa plc, a leading business intelligence, academic publishing, knowledge and events group listed on the London Stock Exchange.