Nearly one-third of companies across the globe are making irresponsible cyber security investments, according to a new security measurement index benchmark survey by Thycotic. The comprehensive study also reported that over half of the 400 respondents in the survey scored an “F” or “D” grade when evaluated on their ability to measure their cyber security efforts and performance against best practices.
The chief security scientist at Thycotic noted that it was astonishing just how many organizations are failing at measuring the effectiveness of their cyber security and hoped that this survey should help show them the error of their ways. Companies and governments all over the world are spending more than 100 billion dollars a year on cyber security methods. Thirty-two percent of these companies are making business decisions and purchasing cyber security technology blindly.
The survey also reported that four out of five organizations do not communicate about cyber security decisions with their business stakeholders or include them in cyber security investment decisions, which means that companies don’t completely understand their digital security strategy.
Business World stated that at a time when cyber space has become highly vulnerable as hackers are constantly on the alert looking for chinks in the defenses of a network, lack of preparedness on the cyber front might lead to huge financial losses.
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