Insurers are spending more on security than ever before. However, incidents have increased by 54 percent in the past 12 months due to cyber attacks, said PwC.

Of the 90 insurers responding to “The Global State of Information Security Survey2014,” 39 percent said monitoring and addressing new threats and vulnerabilities pose a “significant challenge” for the future success of their organization’s information security. And, they’re ready to make investments to do so.

Overall IT spending is static over last year, but security budgets increased 27 percent, and some of the highest priorities include enhanced security for mobile devices and social media.  

While 89 percent of respondents say their security activities are effective, challenges, including, new threats, protection of customer data, and evolving technologies persist and many respondents have not fully implemented technologies and processes that can provide insight into today’s risks.   

“The Global State of Information SecuritySurvey2014” is a worldwide study by PwC, CIO magazine and CSO magazine.

 

Related content: The 4 Pillars of IT Security.

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