There’s a shift underway in how organizations view cyber security, with forward-thinking organizations understanding that an investment in cyber security and privacy solutions can facilitate business growth and foster innovation, according to the new Global State of Information Security Survey 2017, released by PwC in conjunction with CIO and CSO.

Many organizations no longer view cyber security as a barrier to change or as an IT cost. According to the survey, 59% of the more than 10,000 worldwide business and technology executives surveyed online from April to June 2016 said they have increased security spending as a result of digitization of their business ecosystem.

“There is a distinct transformation in how business leaders are viewing cyber security and technology, no longer seeing technology as a threat and understanding that cyber security is a vital component that must be adopted into the business framework,” said David Burg, PwC’s US and global leader, cybersecurity and privacy.

“To remain competitive, organizations today must make a budgetary commitment to the integration of cyber security with digitization from the outset,” Burg said.

Among the key survey findings:

  • 63% of the respondents say they run IT services in the cloud, and about one-third of organizations entrust finance and operations to cloud providers.
  • 56% currently require employees to complete privacy training. Many businesses are turning to advanced authentication technologies to add an extra layer of security and improve trust among customers.
  • 57% are using biometrics for authentication.
  • Organizations are beginning to update their cyber security safeguards, with 46% of respondents investing in a security strategy for the Internet of Things.

Register or login for access to this item and much more

All Digital Insurance content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access