More than half the 400 respondents in a survey from the Thycotic-issued study, “2017 State of Cybersecurity Metrics Report”, scored an F or a D grade after evaluating their organization’s efforts to measure their cybersecurity investments and performance against best practices.
58% received an F or D grade
Joseph Carson of Thycotic: “It’s astonishing to have the results come in and realize how many people are failing at measuring the effectiveness of their cybersecurity and performance against best practices. At a time when threats are escalating and the need for quantifiable metrics is putting security teams and executives under pressure, the 2017 State of Cybersecurity Metrics Report reveals what is actually occurring so that companies can produce assurances, remedy their errors and protect their businesses”.
With global companies and governments spending more than $100 billion a year on cybersecurity defenses, a substantial number of companies—32 percent—are making business decisions and purchasing cyber security technology blindly.
Even more disturbing: more than 80 percent of respondents fail to include business users in making cyber security purchase decisions, nor have they established a steering committee to evaluate the business impact and risks associated with cybersecurity investments.
Additional key findings from the 2017 State of Cybersecurity Metrics Report include:
- One in three companies invest in cybersecurity technologies without any way to measure their value or effectiveness.
- Four out of five companies don’t know where their sensitive data is located, nor how to secure it.
- Four out of five companies fail to communicate effectively with business stakeholders or include them in cybersecurity investment decisions.
- Two out of three companies don’t fully measure whether their disaster recovery will work as planned.
- Four out of five never measure the success of security training investments.
While 80 percent of breaches involve stolen or weak credentials, 60 percent of companies still do not adequately protect privileged accounts—their keys to the kingdom.
Small businesses are targeted in two out of three cyberattacks.
Sixty percent of small businesses go out of business six months after a breach.
Thycotic’s research team issued this report to not only show the errors that are disrupting business, but also to educate security professionals and executives on which areas of their cybersecurity strategy are lacking, and how to improve them.
Download the full 2017 State of Cybersecurity Metrics Report and view all the findings from the Security Measurement Index benchmark survey.
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