Only 25 percent of business executives trust cybersecurity

A new survey from VMware among 650 companies shows how companies are trying to deal with new security threats in a digital age - using the same old tools. This creates a need for new considerations about the future handling of IT security threats

A new survey from VMware shows, that only a quarter of business executives trust their current cybersecurity solutions. In addition, 76 percent believe their current security solutions are outdated. The survey was conducted by VMware and Forbes Insight among 650 companies in Europe, the Middle East and Africa.

The survey further shows that 42 percent have implemented new security tools in the past year to counter potential threats. More than half of respondents (54 percent) plan to use additional resources to detect and identify attacks, and 29 percent say they have no fewer than 26 or more security products installed in their company’s IT solutions.

While companies continue to invest more in their IT security, 31 percent of respondents say it may still take them up to a week to address a security issue.

At a time when more than 1 million new Internet users are arriving daily and a growing number of business transactions are being managed through applications, this reaction time is alarming.

New threats – old solutions

The situation is particularly worrying when you look at the many resources that companies routinely spend on fighting new security crises; 83 percent say they plan to increase their purchases or install new security products over the next 3 years.

The study highlights a pattern of slow and ineffective approaches to recent cyber threats despite the economic impact of cybercrime having doubled since 2013, according to EU figures.

The current security strategy has caused companies to lose confidence in their own cyber security. For example, under a quarter (23 percent) express full confidence in the security behind their cloud deployments, and only 18 percent are convinced that their employees are ready and competent to handle the security concerns.

In addition, there is a gap between business leaders and their security teams on how they perceive progress and collaboration on cyber security. Only 21 percent of respondents on corporate IT teams believe that their top management teams are very cooperative in cyber security.

Modern security requires new solutions

“According to Einstein, madness is to do the same thing over and over again and expect a different result,” says Sylvain Cazard, VP SDDC EMEA, VMware.

“However, this is what we see in terms of IT security today, where the increased financial impact of security breaches makes investment in traditional security solutions look inadequate. We live in a world of increased complexity and with more and more online interactions, multiple connected devices and sensors, as well as cloud solutions and digital workplaces. This has created greater risks of cyber-attacks.”

Sylvain Cazard continues:

“That’s why we have to change the rules of the game. Modern security requires that, instead of constantly having to fight security breaches with all means at hand, the security is built directly into the company’s applications, networks – and everything else that connects and transports data. Attacks are inevitable today, so what really matters is how quickly and effectively companies are able to curb a threat.”

“It is also an absolute necessity to cultivate a safety-conscious culture and collaboration across all departments and teams,” says Cazard.

“Management teams and security and IT departments need to speak the same language and recognize what’s at stake. By investing in the right employees to ensure the best cyber security practices, companies can always be one step ahead of the threats in a world of sophisticated cybercrime.”

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