AU businesses losing deals because of security strategiies
LogRhythm has announced the release of its report, The State of the Security Team 2022: Can Security Teams Meet Internal and External Stakeholders Requirements? based on research conducted by Dimensional Research. One of the most compelling findings was security's impact on a company's bottom-line revenue as the majority of Australian respondents (62%) indicated their company had lost a business deal due to the customers lack of confidence in their security strategy.
Dimensional Research conducted a survey of 1,175 security professionals and executives across five continents representing a global view. The research, which also included Australian respondents, investigated security solution capabilities, deployment strategies, gaps and the value of tool consolidation. The survey also looked to compare key data collected by LogRhythm and Dimensional Research in 2020 to identify and evaluate trends.
Security Is No Longer an Internal Affair
Respondents overwhelmingly indicated that customers and partners are demanding higher standards, highlighting that security has evolved beyond internal consideration. Ninety-two percent reported that their company's security strategy and practices must now align to customers security policies and standards. Partners also exert a new level of due diligence with 83% of respondents stating their company must provide proof of meeting partners security requirements.
While LogRhythms initial report in 2020 revealed significant misalignment between executives and their security teams with less than half of respondents globally (43%) saying they received enough executive support, the latest research found support nearly doubled over the last two years. The majority of Australian respondents (82%) said they now receive enough support around budget, strategic vision and buy-in, suggesting an improvement in understanding between executive leadership and their security teams.
"Cybersecurity is now a business imperative in Australian businesses of all sizes given the increasing complexity and severity of cyber attacks we have seen in recent months," says Michael Bovalino, ANZ Country Manager, LogRhythm.
"Security events hold the potential to impact employee and customer experience, brand reputation and revenue, all of which will now ensure that chief information security officers and their teams will be front and centre in supporting the business to meet the challenges of a changing threat landscape."
Security Teams are Feeling the Effects of Turnover
When asked if employee turnover reduces the effectiveness of their security teams, the overwhelming majority agreed regardless of their role with 77% of respondents agreeing this has impact.
The research also found work-related stress for the security team is increasing for nearly 7 in 10 companies, with 21% reporting a significant increase, indicating some companies may be trying to do more with less amidst budget constraints.
The leading stressors for security team members include growing attack sophistication, more responsibilities and increasing attack frequency. When asked what would help alleviate their stress, the top responses included 39% of respondents saying adding more experienced security team members, while 38% of respondents said having more integrated security solutions,