Eight Ways to Improve Your Cyber-Security Spending

By Karen A. Frenkel  |  Posted 07-20-2014 Email Print this article Print

Organizations are concerned about cyber-threats, but many of them have neither invested strategically in security nor aligned that spending with their business strategies, according to a new report. One result is a major gap in security spending between industries. For instance, banking and finance spending heavily ($2,500 median per employee) while others, like retail and consumer products businesses ($400) and education ($200), spend much less. The report, "2014 U.S. State of Cybercrime Survey," was conducted by CSO magazine, PriceWaterhouseCoopers LLP, the U. S. Secret Service, and Carnegie Mellon University. The more companies spend, the more incidents they detect, according to the report. Likewise, victims of cybercrime are more cautious and benefit more from mature security practices than their peers. "We found that 37 percent of respondents who had not suffered a security incident did not know what groups pose the greatest threat, compared with 18 percent who had experienced an incident," notes the report. Five hundred U.S. executives and security experts from private and public companies participated in the study, which identified effective cyber-security practices and compared them to practices and technologies that the U.S. National Institute of Standards and Technology prescribes in its cyber-security framework. To read the report, click here.

Karen A. Frenkel writes about technology and innovation and lives in New York City.


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