Ernst & Young: Firms Worldwide Not Ready for Security Risks Posed by Modern Tech

Bob Styran, IT audit expert
December 07, 2010 /

With the emergence of new technologies like cloud computing and social media, companies worldwide are rendered unprepared to fend off security risks that come with them, a new report from Ernst & Young disclosed.

The report, entitled Global Information Security Survey, the 13th in a series of reports released by Ernst & Young annually, revealed weaknesses in the capacity of 10 percent of global firms to address IT trends as potential sources of security risks, with only approximately two-thirds standing conscious to the threats of utilizing external service providers and adopting the modern technologies.

Seamus Reilly, Ernst & Young director, said that although technological advances have largely contributed to the speed that allows for quick transactions between businesses and customers, delivering “significant benefits to the organization,” companies must not disregard the possibility that security risks still lurk in the corner. He added that companies must respond at an early stage to ward off these risks.

The report, on the other hand, showed that UK firms are faring better in fending off security risks than the rest of the global community, with 67 percent of the surveyed organizations showing willingness to shell out funds for information security against the 46 percent from its global counterparts.

Amid reports revealing leakages of sensitive data due to recklessness of some companies, UK organizations have reported 85 percent that started implementing laptop encryptions in compliance to the ICO security measures as opposed to 47 percent of the rest of the world.

Companies from UK, about 93 percent against 60 percent of their global counterparts, have adopted defined strategies and 85 against 55 percent with testing plans to assess their performance.


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