The latest study from Accenture reveals enterprises worldwide need to go beyond securing themselves and take measures to secure their vendor ecosystems as well.
Recently, Accenture surveyed over 4,600 enterprise security practitioners in global organizations with revenues of more than $1 billion. The report by Accenture Security revealed that just 17% of organizations are performing as leaders in the space. Nearly 85% of respondents believe that companies need to think beyond securing their enterprises and take further steps to secure their vendor ecosystems.
According to the Accenture Cyber Resilience survey, leaders are companies that are high performers in categories including cyber solutions, faster identification of breaches and strategies that help to reduce the impact of a breach. Organizations with leading cybersecurity capabilities are four times more effective than others at stopping cyber-attacks and finding breaches must faster, found the survey. Today, one of the top challenges faced by CISOs is to find a perfect balance between the correct security investments and scaling them throughout the business ecosystem.
As per the report, 69% of respondents said staying a step ahead of cyber-attackers is a high cost and continuous battle. Cybersecurity programs that are designed to protect data while other vital assets are actively protecting about 60% of an organization’s ecosystem, which comprises vendors and other business partners. Organizations need to invest in speed-enabling technologies. Technologies including artificial intelligence and Security Orchestration, Automation, and Response (SOAR), are the backbone of leaders’ investment strategies, stated the report. The majority of tech leaders know which technologies help to achieve cybersecurity success on a larger scale. As per the survey, leaders scale investments more often. As a result, their security teams are more effective in protecting valuable assets.
Moreover, as leaders train themselves regularly, it helps them to discover and fix breaches at a quicker pace and further protect more critical assets. The report also added that companies need to keep a tab on existing investments and focus more on their budget allocations on sustaining what they already have.
According to the report, only 15% of tech leaders have had over 500,000 records exposed in the last year. In comparison, non-leaders had 44% of exposed records. CISOs should push the company’s management to formulate security investment plans that align with its strategy and value chain. Enterprises need to go beyond technological investment and reevaluate their security training programs. The report concludes by saying that leaders need to make sure the organization is investing in its people.