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Do You Have Difficulty in Receiving Funding for Security Initiatives? If So, You’re in Good Company

December 9, 2016

Do You Have Difficulty In Receiving Funding For Security Initiatives? If So, You’re In Good Company

According to a recent Kensington report, respondents ranked the following threats as their organization’s biggest Executives with budget risks to IT security:
  • External threats – 36%
  • Compliance breaches – 16%
  • Data leakage/loss – 16%
40% of these respondents said that it was a challenge to address these threats due to insufficient budgets. LTM Research recently conducted a cybersecurity survey that targeted 2,000 CISOs responsible for the security and management of large enterprise networks at companies headquartered in the U.S. or U.K. with more than $1 billion in annual revenue. The results showed that 59% of respondents reported that it’s difficult to receive funding for their security initiatives despite their deep concerns about internal and external threats, as well as the impact a breach can have on an organization. Despite the difficulty in receiving funding, 83% of respondents stated that they will focus on cyber governance in 2017. This is because even the most rigorous cybersecurity program is ineffective without constant monitoring and updating using a cyber governance solution. It helps highlight missing or incomplete requirements across your cybersecurity framework, and enables you to conduct an impact analysis to identify gaps in policies and controls by framework, regulation, or line of business. A cyber governance solution simplifies the communication of your cybersecurity plans, the performance of your program, and the consequences of breaches to business users, other executives, and your board of directors. CISOs are also focused on cyber governance because it delivers centralized and standardized security policies that correlate technical data from disparate systems to enterprise-wide cybersecurity controls. It integrates new processes with existing perimeter security, vulnerability management, and event management processes to leverage previous investments. And it helps you demonstrate how tightened cybersecurity can smooth operations, lower costs, and increase revenues. For more information on the LTM Research report and to view the survey results, click here. To learn more about cyber governance, click here.