Logicalis reveals that CIOs are struggling to derive value from security investments amid an expanding threat landscape. According to its annual CIO Report, which surveyed 1,000 global IT leaders, more than half say their security patch systems have become too complex to manage effectively.
Despite unprecedented spending on security solutions, 88% experienced cybersecurity incidents in the last 12 months, with 43% enduring multiple breaches. As a result, nearly all CIOs are bracing for significant cybersecurity breaches in the year ahead.
The report found that nearly all CIOs believe their security coverage requires improvements. Half report their organisations have overinvested in security solutions they don't need, and an equal number acknowledge they're not getting good value because they don't utilise all available features of their security tools.
Half of tech leaders say they lack access to security solutions that fully fit their business needs and only 58% are confident in their ability to pinpoint potential security gaps. With clear anticipation of threats on the horizon, there is a concerning gap between IT leaders' security awareness and their capacity to effectively protect their organisations.
As the threat landscape continues to evolve, emerging technologies are creating new vulnerabilities. AI-driven attacks now occur as frequently as phishing, placing AI firmly among the top three cybersecurity threats. Additionally, one in four CIOs are concerned about the rise of deepfakes over the next year.
On this year’s report, Bob Bailkoski, Global CEO of Logicalis Group said: “Tech leaders are operating in an environment where cybersecurity threats are steadily intensifying. After more than a decade of security spending on point solutions, the research findings show this patch approach isn’t delivering value for money and is actually the source of more problems. While it’s essential that security remains a budget priority, security needs to be a strategic investment, not a knee-jerk purchase. CIOs will be wise to evaluate and untangle their security ecosystem and consider moving to a unified solution that offers broader and deeper threat protection.”
Additional findings on security
● Malware and ransomware (42%), data breaches (37%), AI-driven attacks (34%) and phishing (33%) are among the top concerns for CIOs when it comes to cybersecurity risk
● 78% note that the frequency of cybersecurity breaches has either remained consistent or increased.
● 76% acknowledging the growth threat of credential leaks
● 41% of CIOs don’t believe their current security investments fully meet their organisation’s needs
● Almost all (96%) say at least some improvements are needed in their organisation’s security coverage, 45% require significant improvements
