Trend Micro Incorporated, a global cybersecurity leader, today released new research revealing that many business leaders don’t see the link between security and data insight – despite acknowledging that effective security can accelerate digitization.
Jon Clay, VP of Threat Intelligence at Trend: “Data-driven insight is an increasingly critical foundation for the sustainable growth boards are demanding today. But unless that data is properly secured, such initiatives will be built on sand. It’s time for business leaders to recognize the importance of security to their growth plans, and for CISOs to make a more compelling case for their function.”
Trend Micro’s interviews with global business decision makers found 61% of organizations agree there is an urgent need to diversify their revenue streams in 2023, against an uncertain macroeconomic and geopolitical backdrop.
A further 68% said access to data will be fundamental to unlocking these new revenue streams, while the vast majority (91%) claimed they can achieve cost savings to some extent through better use of data.
Data analytics and similar tools can drive enhanced business agility, by helping organizations to anticipate market trends, run financial forecasting scenarios and more.
However, more than one third of business decision makers said they don’t understand the connection between cybersecurity and data insights. Even more fail to join the dots between security and both generating new revenue streams (48%) and cost reduction (55%).
Also of concern is the fact that more than half of respondents claimed their organization’s current security policies and processes create information silos. This could actively undermine data insight projects, and reinforces the need for more joined-up, platform-based security approaches.
Although some business leaders are still not convinced, nearly two thirds believe security policy can increase the speed of digitization.
The research also revealed evidence of maturing security posture. Nearly three quarters of IT decision maker respondents said the organization tracks and reports on cyber risk levels, with a third reporting this to the board as a business risk measurement.
A further 79% said their organization has a Cyber Improvement Program to help meet its digital transformation goals.