Despite the continuing occurrence of high profile cyberattacks, 44% of IT decision makers (ITDMs) in Asia Pacific believe that IT security is still not a top priority discussion for the board, according to the findings of Fortinet’s new Asia Pacific Enterprise Security Survey.
This doesn’t seem to affect budgets since 64% of enterprises stated that they spend over 10% of their IT budget on security, which is a high investment. Seventy-three percent of the surveyed respondents said their IT security budget has increased from the previous year. Now, IT decision makers feel strongly that cybersecurity should become a top management priority with 79% of the respondents saying that the board should actually put IT security under greater scrutiny.
Many IT professionals also believe that the transition to the cloud as part of their organizations’ digital transformation will in turn make security a growing priority.
Three key drivers for cybersecurity becoming a top priority
· Increase in security breaches and global cyberattacks: In the last two years, 86% of APAC businesses have experienced a security breach, with the most common vector of attack being malware and ransomware for 48% of respondents.
Fifty-eight percent of ITDMs said there has been an increased focus on IT security following global cyberattacks, such as WannaCry. The scale and profile of global cyberattacks is bringing security to the attention of the board. Security is no longer just an IT department discussion.
· Increased pressure from the regulators: Another important driver of board awareness is the proliferation of regulation, 37% of APAC respondents reported. With major fines threatening the bottom line, such as the impending GDPR compliance for European data, the board now has a mandate to take interest.
· Transition to the cloud as a catalyst for security priorities: As organizations look at migrating to the cloud as part of their digital transformation, 80% of IT security decision makers in APAC believe that cloud security is becoming a growing priority. 80% of the respondents also affirm that cloud security - along with the investment in security to support it – is becoming a key priority for the board. As a result, half of those surveyed (55%) are planning investment in cloud security in the next 12 months.