LogRhythm, the company powering today’s security operations centers (SOCs), has launched a report that reveals that 60% of organizations were victims of a cyberattack in the past two years with 35% saying no one was held accountable when these attacks occurred. The report, “Security and the C-Suite: Making Security Priorities Business Priorities”, shows the disconnect between business decision makers and IT security teams and its impact on budgets, strategy and business outcomes.
According to the research, 93% of IT security leaders do not report directly to the CEO. On average respondents are three levels away from the CEO, which makes it very difficult to ensure that leadership has an accurate and complete understanding of security risks. 60% of respondents said IT security leaders should report directly to the CEO because it would create greater awareness of security issues throughout the organization.
“It is critical that IT security leaders have influence on resources, budgets and strategic priorities. We’ve seen the threat landscape evolve rapidly over the last 12-18 months and that means the C-Suite must understand and recognize changing risk profiles and empower IT security leaders to react. The impact of lockdowns and quarantines on cybersecurity should be a wake-up call that ensures there is accountability for cyberattacks from security teams through to the CEO,” said Andrew Hollister, Deputy CSO and VP Labs at LogRhythm. “If there are security risks that are not being addressed, IT security leaders should be able to provide recommendations and concrete actions that the CEO and board can approve or reject.”
Less than half of respondents (46%) say senior leadership has confidence that the IT security leaders understand the business goals. Only 43% of respondents say their organization values and effectively leverages the expertise of IT security leaders.
“In the Middle East, lockdowns and quarantines associated with COVID-19 caused organizations to rapidly pivot to home working and that has changed their risk profile. New cyberthreats have been matched with risky user behaviours and this has created new challenges for IT security leaders. It is a complex environment that requires new processes and accountability,” said Mazen Dohaji, Vice President – (iMETA) India, Middle East, Turkey & Africa. “Across the region, organizations are recognizing the need to not just deploy new cybersecurity technologies but ensure that IT security is understood and a priority in the C-Suite. IT security risks are ultimately business risks.”
63% of respondents say their top risk is phishing/social engineering attacks, and 60% of respondents say it is the remote worker endpoint security and ransomware. Remote working is creating new security challenges as the attack surface is increased and employees may be more likely to engage in risky user behaviors outside of the familiar corporate environment:
o 73% of respondents say less secure home networks are used by employees in their organization.
o 68% of respondents say employees and contractors believe the organization is not monitoring their activities.
o 67% say a family member uses a work device.
Amid these challenges, 54% of respondents are worried about their job security, with 63% citing insufficient budget to invest in the right technologies as a main culprit. Further, more than half (53%) of respondents claim senior leadership does not understand their role, and another 51% of respondents believe that they lack executive support.
Ponemon Institute surveyed 1,426 IT security leaders across Asia-Pacific, EMEA and the US on behalf of LogRhythm. For more information on LogRhythm or to download the full report, Security and the C-Suite: Making Security Priorities Business Priorities.