Many U.S. firms won't invest in cybersecurity protection despite growing concerns over cyberattacks, a new FICO and Ovum survey found.
The report, "What the C-suite Needs to Know About Cyber-readiness," surveyed global IT directors and senior managers as well as C-suite executives from five sectors — healthcare; financial services; media and service providers; e-commerce and retail; and telecommunications — on their company's cybersecurity practices.
Here are five things to know.
1. Although 56 percent of U.S. executives said data breach attempts will increase next year, only 49 percent reported planning to invest more in cybersecurity.
2. By contrast, only 37 percent of healthcare respondents expected to see increased cyberthreat activity next year. The healthcare respondents also reported the lowest increase in security investments, with only 37 percent planning to invest in security.
3. Just over half of respondents (51 percent) said they have a data breach response plan in place.
4. Only 16 percent of U.S. companies have comprehensive cyber-risk insurance and 50 percent remain completely uncovered.
5. Fifty-three percent of executives said their firm will be in a better cybersecurity position next year, despite having no plans for investment.