Organizations are adopting innovative safeguards to manage threats and achieve competitive advantages in a digital era
Digitalization has changed the way organisations look at cyber security. More than 59% of CIOs and CSO have agreed that digitization of business ecosystem has impacted security spending, in the PwC’s ‘Information and security survey 2017’.
Organizations are working to attain a cyber security model that is agile, capable of acting on analytic inputs, and adaptive to evolving risks and threats mode of cyber security. Thus, the cyber security spending has also made a shift towards a collaborated system for business, digital and IT, having maximum share.
This latest business mode is based on the data analytics and real-time monitoring, managed security services, advanced authentication and open-source software.
Cloud based security still on rise
As the digital tend to change the financial ecosystem of cyber security for organizations, cloud remains the only constant. Cloud sustained its status as one of the biggest gainers as more businesses are entrusting more sensitive data and workloads to cloud providers. The power and interoperability of cloud-based platforms enables organizations to spend more and hence synthesize a range of synergistic technologies.
As per the report, 63percent of organizations run their IT operation run in cloud. The major shift was because the cloud-integrated solutions enhance data privacy capabilities and boost customer trust and brand reputation.
Cloud-based cyber security can be augmented with machine learning and artificial intelligence to analyze network activity and amalgamate threat and log information, then parse this data in real time to create actionable intelligence.
Security services a hit
Also, almost two-thirds (62%) of respondents in the survey said that they use security service providers to operate and enhance their cyber security programs. Amongst the managed security services, authentication services were the most preferred. More than half the number of organizations( 57%) are already using biometrics for authentication.
Many organizations are moving towards a two-step process where after pressing a password, one has to enter a code sent on their mobile numbers. Adding an extra layer of security improve trust among customers and business partners. Nearly half (46%) of organizations said in the PwC survey that the extra layer of authentication has made online transactions more secure and have boosted consumer confidence in their security and privacy capabilities, as well as enhance the customer experience and protected brand reputation.
For the coming months, organizations are planning to spend more on training and spreading awareness. These might help in curbing the lack of cyber security officials.