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U.S. Businesses Increasingly Focusing on Cybersecurity

U.S. Businesses Increasingly Focusing on Cybersecurity

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Cybersecurity: A hot topic

The theme of increased cybersecurity throughout the U.S. is an amplified topic of discussion for businesses. Cybersecurity is even a hot topic on the presidential campaign trail this year. Yet, when looking at cybersecurity as a priority within companies, where cybersecurity ranks as a priority often varies widely.

Realigning priorities

Bay Dynamics and Osterman Research recently joined forces and conducted a survey of board members of large U.S. companies. According to the survey, hackers now use increasingly sophisticated tactics to invade and gain unauthorized access to company’s data.

The survey also outlined how companies are prioritizing cybersecurity alongside legal, financial, regulatory, and even competitive risk.

Changing the culture

Often, in order to protect an organization from cyber attacks, the current culture must change to ensure that measures become reality. Board members, and those who make the decisions and set company agenda and goals, must maintain the same belief that these types of threats are of great concern.

In 2014, a survey showed that only seven percent of board members considered cyber-related risk to be a high priority. In the Bay Dynamics and Osterman Research survey conducted this year, this number rose drastically to 30 percent. And that number could reach 44 percent by 2018.

Driving force

According to the survey, there are two top driving forces for why companies recently increased focus on cybersecurity.

One is recent intrusions of companies around the country. Breaches of companies IT systems can be seen in the news increasingly throughout the past several years. Examples include the 2014 intrusion of personal information from Target databases and the 2013 illegal access to background information held by the Office of Personnel Management.

The number one driver for change, however, has been the attempt to meet regulatory requirements. Ryan Stolte, co-founder and CTO at By Dynamics, stated that he was uplifted to see that board members are taking regulations and frameworks seriously and are attempting to implement them, rather than being driven by fear.

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