Security Flaws Cost Fifth of Execs Business

Boards continue to under-appreciate the value of cybersecurity to the business, despite acknowledging its critical role in winning new business and talent, according to Trend Micro.

The security giant polled 2718 business decision makers globally to compile its Risky Rewards study.

It found that half (51%) believe cybersecurity is a necessary cost but not a revenue contributor, 48% argue that its value is limited to threat prevention and two-fifths (38%) see security as a barrier rather than a business enabler.

That’s despite a fifth (19%) acknowledging that poor security posture has already impacted their ability to win new business. Just half (57%) think there is a strong connection between cyber and client acquisition.

Read more on business leaders’ cybersecurity concerns: Cyber-Threats Top Business Leaders’ Biggest Concerns.

These conflicted views extend to talent acquisition. Only around two-fifths of respondents said they perceive a strong connection between cybersecurity and employee retention (42%) and talent attraction (43%).

However, in the same breath, they recognize the impact of poor security on the employee experience, which in turn can influence job satisfaction.

Some 83% say current security policies have affected remote employees’ ability to do their jobs.

Trend Micro VP of threat intelligence, Jon Clay, argued that business leaders need to rethink their attitudes to cybersecurity.

“If organizations want to make the most of their security investments, business leaders must reframe their view of cybersecurity – to think more broadly about how it can positively impact the enterprise,” he said.

“This research shows it’s clearly a critical component of winning new business and talent. At a time when every dollar counts, it’s concerning to see stereotyped views of security persist at the very top.”