Boards are increasingly approving cybersecurity investments due to Covid-19

From: RegTech Analyst

Most boards are looking to invest more into their digital defences, according to research by Thycotic.

The cybersecurity firm’s survey of 908 senior IT security decision found that 58% plan to grow their security budget in the next 12 months, with 91% agreeing that their board adequately supports them with investment.

The reason for their increasing investment can be linked to the growing number of hack attacks, phishing schemes and ransomware scams during the Covid-19 crisis.

Moreover, 77% of respondents said that they had received boardroom investment for new projects.

Joseph Carson, chief security scientist at Thycotic, told Infosecurity that while most companies had worked towards allowing for more remote workers, the pandemic has accelerated the investment into both cloud and remote working budgets.

Terence Jackson, CISO for Thycotic argued that while the growing investment is a good thing, he told the publication that more needs to be done.

“The fact boards mainly approve investments after a security incident or through fear of regulatory penalties for non-compliance shows that cybersecurity investment decisions are more about insurance than about any desire to lead the field which, in the long run, limits the industry’s ability to keep pace with the cyber criminals,” he said.

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