IT Security is Critically Underfinanced by Business

29 Aug 2013
Press Releases

60% of IT decision makers feel that not enough time or money is available to develop IT security policies. As a result, barely half of the companies feel that they have highly-organized, systematic processes to deal with threats. These findings emerged from the recent Global Corporate IT Security Risks 2013 survey conducted by B2B International for Kaspersky Lab in April 2013 among business representatives around the world.

The situation is especially poor in the educational industry, where only 28% of organizations are confident that they have sufficient investment in IT security policies. What is even more critical, only 34% of the government and defense organizations surveyed all around the world, claim that they have enough time and resources to develop IT security policies. The remaining two thirds are in constant danger of losing confidential governmental information.  

Meanwhile, even a single measure, such as, implementing IT security policies for mobile devices, could significantly reduce the risks posed by smartphones and tablets in a corporate IT environment. The survey showed that almost half have no such policies. Even where mobile security policies have been implemented, resources are still inadequate: about half complained that budget increases were insufficient, while 16% complained there was no extra funding made available.

According to the survey 91% of the companies had at least one external IT security incident, and 85% reported internal incidents in the past 12 months. Such incidents can cause real financial and reputational damage. These losses can significantly exceed the cost of putting in place IT security tools which would help to avoid leaks of important data, downtime and other unplanned expenses. This is why it is extremely important to invest in the security of the corporate IT infrastructure.

A serious incident costs large companies an average of $649,000; for small and medium-sized companies the bill typically comes to about $50,000. A successful targeted attack can cost a company up to $2.4 million in direct financial losses and additional costs.

Still, lots of organisations don’t realize these risks. According to the survey, a quarter of companies still regard security issues as things that “happen to others” – although this complacent attitude has been in decline since last year. Another problem is that 28% of companies mistakenly think that the costs of guarding against cybercrime are greater than the potential losses.

* The company was rated fourth in the IDC rating Worldwide Endpoint Security Revenue by Vendor, 2011. The rating was published in the IDC report "Worldwide Endpoint Security 2012–2016 Forecast and 2011 Vendor Shares (IDC #235930, July 2012). The report ranked software vendors according to earnings from sales of endpoint security solutions in 2011.

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