As many as 84 percent of CISOs believe the risks of cyber attacks will increase and almost a quarter believe the capabilities of attackers are outpacing their ability to defend their organization, said a report from Forbes Insights.
This issue is compounded with limited resources, including lack of sufficient budget and skilled professionals as well as a threat attack surface that is quickly expanding and becoming more sophisticated, indicate the report which was commissioned by cybersecurity firm Fortinet.
“The Forbes Insights survey echoes the primary challenges we hear directly from Fortinet customers and prospects. Today's CISOs are tasked with the challenge of allocating limited funds and resources to the highest-return cybersecurity projects which can range from breach detection to response,” said Rajesh Maurya, Regional Vice President, India & SAARC at Fortinet.
“These C-level security leaders must maximize security with finite resources, all while balancing strategic leadership responsibilities and tactical issues. Through the Fortinet Security Fabric, Fortinet is providing end-to-end security so that CISOs can navigate a rapidly changing cyber threat landscape day in and day out,” Maurya explained.
The report stressed that CISOs are increasingly implementing AI technologies to cybersecurity. Forty-eight percent of security leaders are focused on seamlessly integrating security into their network operations and 45 percent are shifting and changing their cybersecurity strategy toward advanced analytics for greater visibility into their environments.
AI, like machine learning, and analytics relieves IT teams time away from monotonous tasks, so they can focus on business-critical tasks such as identifying anomalous behavior in their networks and responding to threats quickly.
The report said that CISOs would like to allocate more of their budget to detection and response. According to the survey, security leaders are currently allocating an average of 36 percent of their security budget on response. However, in an ideal world, they would shift their resources from prevention to bolster detection and response. The survey found they'd increase response to be 40 percent of their budget.
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According to the report, cybersecurity training and education for employees is key. The Forbes Insights survey found that CISOs believe talent and training constraints have a significant impact on their organizations. As a result, CISOs are paying more attention to educating their own employees on best practices and building cybersecurity awareness in order to prevent and reduce internal threats.
The report said that CISO are constrained by the lack of an adequate budget. While threats are expanding, CISOs find that their resources, including budget, remain limited. A third of CISOs surveyed in the report felt that the lack of an adequate budget is having a significant impact on their cybersecurity program.
The report stressed that a top priority for CISOs is safeguarding customer data and intellectual property. More than a third of respondents said protecting their organization's brand is top of mind. More than 36 percent of CISOs selected customer data as the highest priority for protection.
A majority of respondents also shared they are focusing on protecting intellectual property as one of the most important assets in their care, which they believe is another core target of most malicious actors.