67 percent of companies lose business deals over security strategy concerns
New research from LogRhythm shows 67 percent of respondents say their company had lost a business deal due to the customer's lack of confidence in their security strategy.
The survey of 1,175 security professionals and executives across five continents, conducted by Dimensional Research, finds 91 percent report that their company's security strategy and practices must now align to customers' security policies and standards.
Partners also exert a new level of due diligence with 85 percent of respondents stating their company must provide proof of meeting partners’ security requirements.
"Given the increasing complexity and severity of cyber threats organizations are experiencing, cybersecurity is now a business imperative," says Andrew Hollister, chief security officer of LogRhythm. "Security events hold the potential to significantly impact revenue, which begs the attention of executive leadership and pushes more organizations to align on expectations both internally and externally."
The research also finds that work-related stress for the security team is increasing for nearly seven in 10 companies, with 30 percent reporting a significant increase, suggesting that many companies may be trying to do more with less amid budget constraints.
The leading causes of stress for security team members include growing attack sophistication, more responsibilities and increasing attack frequency. When asked what would help alleviate their stress, the top responses include 42 percent saying adding more experienced security team members and 41 percent wanting more integrated security solutions.
On a positive note the majority of respondents (83 percent) say they now receive enough support around budget, strategic vision and buy-in, suggesting an improvement in understanding between executive leadership and their security teams.
You can get the full report from the LogRhythm site.