Cybersecurity a Board Room imperative in nearly 50 per cent of global enterprises

• Two-thirds of enterprises are struggling to embed security in the enterprise-IT architecture
• Nearly one in two enterprises face shortage of skilled personnel
• Over 60 percent are grappling with fast paced change in cybersecurity technology

Bengaluru – September 5, 2019 – Infosys Knowledge Institute (IKI), Infosys’ global thought leadership and research arm, today unveiled market research titled, ‘Assuring Digital-Trust’. The research, aimed at understanding the current cybersecurity landscape and how enterprises are gearing up to safeguard themselves from evolving cyber threats, found that almost half (48 percent) of corporate boards and 63 percent of business leaders of surveyed enterprises are actively involved in cybersecurity strategy discussions.

For this research, Infosys surveyed 867 senior executives representing 847 firms from 12 industries, with annual revenues over US$500 million across US, Europe, Australia and New Zealand (ANZ). What clearly stood out was how organizations are finding it challenging to embed security in their enterprise IT architecture, battling with a shortage of skilled workforce and are unable to keep up with technological advancements.

Key findings of the survey:

• Cybersecurity takes center stage – across industries and geographies, 83 percent enterprises view cybersecurity as critical
• Over two thirds of respondents have implemented a well-defined enterprise-wide strategy and roadmap
• The top concerns faced by enterprises are Hackers/Hacktivists (84 percent), low awareness among employees (76 percent), insider threats (75 percent), and corporate espionage (75 percent)
• Challenges in building a security aware culture combined with embedding security into design affects nearly two thirds of enterprises
• To overcome security challenges, over half of the organizations are focusing on adopting integrated security solutions and are working with technology and service integrator partners. In addition, they are also following a series of ‘soft’ methods. These include training/certifications (61 percent), enablement sessions (54 percent) and creating security awareness among employees (51 percent)
• Network segregation (65 percent), threat intelligence platform (57 percent), and advanced threat protection (55 percent) are the top implemented security solutions
• Top trends that will shape the future of cybersecurity are Artificial Intelligence (41 percent); Privacy and Personal Data Protection (35 percent); Blockchain and Deception Technologies (33 percent)
• Across industries, cybersecurity is consistently viewed as critical in an enterprise’s digital transformation journey. Manufacturing emerged at the top (87 percent), followed by energy and utilities (85 percent), and banking, financial services and insurance (83 percent)

Vishal Salvi, Chief Information Security Officer & Head Cyber Security Practice, Infosys, said, “As enterprises continue to add new technologies to the business, it is crucial to defend themselves against a sophisticated threat environment. At Infosys, our approach is to embed cybersecurity at every stage of business, thereby minimizing risk while maximizing the visibility of the security landscape. Our relentless focus on innovation by studying newer technologies and methods, ensures we can better secure an enterprise’s business. We believe a holistic approach to cybersecurity is what it takes to instill digital trust in companies, and this research offers a good understanding of the current cybersecurity landscape. The insights, if applied appropriately can accelerate the cyber defense of enterprises.”

For a full copy of the report, please visit: https://www.infosys.com/assuring-digital-trust/

Methodology

Infosys conducted an independent market research study, the report of which presents a holistic view of the cybersecurity landscape. A total of 867 senior executives, representing firms from 12 industries, with annual revenues over US $500 million across the US, Europe, Australia and New Zealand (ANZ), participated in this survey. The respondents were grouped into eight industry clusters: banking, financial services and insurance; manufacturing; consumer goods and retail; high-tech; communication and telecom; healthcare and life sciences; energy and utilities; transportation and logistics.