A new study by Tata Consultancy Services claims cyber executives may not be “sufficiently focused” on risk.
The TCS Risk & Cybersecurity Study also highlights:
- One in six respondents reported that their corporate board of directors considers issues related to cyber risk and security only “occasionally, as necessary, or never.”
- Companies with higher-than-average revenue and profit growth are more likely to discuss cybersecurity at every board meeting;
- Cloud platforms are considered more secure than on-premises and traditional data centers.
According to TCS, when asked to rank where companies will see the greatest number of cyberattacks between now and 2025, ecosystem partners came in last place (10th).
At a time when enterprises are increasingly banking on digital ecosystems for their growth strategies, the TCS survey shows only 16% of chief risk officers (CROs) and chief information security officers (CISOs) ranked digital ecosystems as a concern when assessing expected cyber targets, the survery showed.
Only only 14% listed the risks from such ecosystems as the top priority arising out of board-level discussions.
Santha Subramoni, Global Head of Cybersecurity at TCS said: “Companies across the globe are increasingly turning to digital ecosystems of partners, vendors, and even competitors to reimagine and grow their business.
“Ignoring the threats originating from these ecosystems represents a blind spot which needs to be addressed urgently.
“One way of reducing the probability of an attack within digital supply chains is to implement a ‘zero trust’ policy—a framework based on the principle of ‘never trust, always verify,’ applied not only to humans but also machines.”
When mapping out priorities between now and 2025, CISOs rank governance, strategy, and talent acquisition highly.
According to TCS, ranking highest is the prioritization of the security posture of the company and defining the controls and standards.
Second is establishing a more robust cybersecurity strategy, followed by investing in security talent acquisition and development.
TCS’s study also finds that talent retention directly correlates with how a company stores its information.
Cloud-positive organisations were found to have a slight advantage in retaining and recruiting talent with the notoriously hard-to-find cyber skills, compared to those companies who think that on-premises or traditional data center security is preferable to what is available via the cloud.
Embracing cloud platforms gives companies a five-point advantage in recruiting and retaining talent with cyber risk and security skills, TCS claims.
Bob Scalise, Managing Partner, Risk and Cyber Strategy, TCS added: “As businesses look to keep up with rapidly evolving complexities in cybersecurity, the talent gap is widening.
“Demonstrating a serious commitment to cybersecurity by sustained attention from senior leadership, funding, and process changes will be vital to recruiting and retaining top talent.”
Sixty-two percent of companies are now as or more comfortable with the security provided by cloud platforms than that of on-premises and traditional data centers—suggesting that the common concern about the cloud in its early days is fading.
The TCS Risk & Cybersecurity Study, published by the TCS Thought Leadership Institute, highlights the most pressing cybersecurity issues facing senior business leaders across Europe and North America.
The study is based on results of a survey of more than 600 CISOs and CROs, from companies with at least $1bn in annual revenue, across banking and financial services, utilities, media & information services, and manufacturing.
Topics include global risk, cybersecurity, resilience, and ecosystem/cloud security. The survey took place in February and March 2022.
Tata Consultancy Services is an IT services, consulting and business solutions organisation that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent Agile™ delivery model, recognized as a benchmark of excellence in software development.
TCS is a part of the Tata group, India’s largest multinational business group, TCS has over 592,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $25.7 billion in the fiscal year ended March 31, 2022, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS’ proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit www.tcs.com