UK Expenditure on Information Security Is Not Adequate

Kimberly Watson, Editor in Chief
September 15, 2010 /

According to research conducted by PricewaterhouseCoopers, UK companies are in dissonance with their global counterpart with regard to expenditure on information security.

The 8th annual Global State of Information Security Survey of PwC has shown that about 31% of the companies have a plan in place to increase spending on information security for 2011 as against 52% of total global respondents.

60% of UK respondents blamed the prevailing economic conditions and increasing number of threats to be the driving force for information security spending. Increasing level of security breaches has forced these UK respondents to recognize that strategic value of security must now be more closely brought into line with business rather than with information technology. Now the Chief Information security Officer has targeted their reporting to key decision makers such as CEO and CFO instead to the Chief Information Officer.

The survey further showed that several UK companies are now getting insured as a measure to protect themselves from stealing of assets namely, customer records and sensitive data.

The survey also shows that over 38%  UK companies are now using insurance as an innovative tool to protect themselves from theft or misuse of assets like sensitive data and customer records and 83%  UK respondents have said to have collected on a claim as against 13% globally..

As per the research conducted by PwC, social networking is also standing up as a menace for several companies and very few companies are fully prepared to annul this upcoming threat which may induce loss of information, illegal downloading, identity threat, doctoring inputs and damage to reputation.

Only 32% of companies have harnessed the necessary technologies to support social networking and Web 2.0 exchanges adequately insulated from hackers. Global respondents have shown 60% adoption.

William Beer, Director, PwC’s OneSecurity Practice was quite against restraints on security spending.

 

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