American corporations have a high degree of cybersecurity risk awareness, and yet many enterprises, especially in non-regulated sectors, fall short in their cybersecurity stance. This is mainly because executives see security as an ROI-less investment mandated by regulation.
Even worse, executives suffer from two psychological biases: “We haven’t suffered a breach this year, so no need to invest more in security” and “We will be hacked anyway, so all this security stuff is voodoo and a waste of our money.”
Even so, no one can ignore the severity of cyber threats today. Ask anyone in corporate America and they’ll tell you that cyber risks are real. Heck, even Warren Buffett warned recently that cyberattacks are ‘the number one problem with mankind.’ This is not surprising given all the recent high-profile security breaches, from the Democratic National Committee hack to the Chipotle breach.
But the way the cybersecurity industry has reacted to these threats has created deep mistrust among its customers. The fact that no solution provides one hundred percent security forces organizations to install and maintain between six and 50 different security products.
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Source: CFO.com