While it may seem a no brainer, technology and healthcare companies are viewing cyber security as a serious threat to their data and business continuity.
The problem is 33 percent of them are confident in the security of their information, a new survey said. That means 66 percent have doubts.
“The survey shows us the threat of a cyber attack is not just hype. A surprising number of technology companies we heard from say the threat to their IP and their business is very serious,” said Bob Curley, managing director of corporate finance for Silicon Valley Bank, which conducted the survey of more that 200 technology company executives.
“Companies in the tech sector, particularly software companies, are feeling exposed, and increasingly having to expend resources to manage cyber attacks, rather than investing in the growth of their business,” Curley said. “That’s a huge impact on a growing company, and eventually the economy overall.”
Nearly all (98 percent) of companies are maintaining or increasing their cyber security resources and of those, half are increasing resources devoted to online attacks this year. Resources are most likely going toward monitoring, preventative policies, training and staffing rather than in preventative infrastructure, indicating they are planning for when, not if, they suffer an attack.
While most respondents were moderately confident in the security of their information, they were less confident in their partners’, vendors’ and clients’ security measures. Most respondents are storing their data privately, showing a lower appetite for storing their information in the public cloud. Software companies were the exception with 59 percent using the public cloud, versus more private behavior by hardware, healthcare and cleantech companies.
Forty-six percent of companies, whose main offering is not security, include cyber security functionality in their product and 8 percent more plan to add a cyber security component to their core offering.