CISOs Reveal Firms Prioritize Savings Over Long-Term Security

A third (33%) of security leaders believe companies often sacrifice long-term security for cost savings. The data comes from Bugcrowd’s 2024 Inside the Mind of a CISO report, which also suggests that 40% of security leaders think fewer than one-third of companies understand their breach risks. 

Despite these concerns, nearly 87% of security leaders are actively hiring staff, while 56% report their teams are understaffed. Notably, over 80% of respondents possess a degree in cybersecurity, challenging the notion that formal education is unnecessary in this field.

AI’s impact on cybersecurity is significant, with 70% of CISOs planning to reduce headcount due to AI adoption within the next five years. More than 90% believe AI outperforms human security professionals or will do so soon. However, 58% see AI as a double-edged sword, where its risks outweigh its benefits.

“As noted in the report, the threat of using AI outpacing the ability to manage them is an uncomfortable truth,” commented Gareth Lindahl-Wise, CISO at Ontinue.

“The reality is most governance processes can’t keep up or don’t have the teeth to stop adoption, and there will be a necessary focus on identifying when the issues arise and responding to them.”

Read more on AI in cybersecurity: The Impact of Artificial Intelligence on Software Development

To counter AI-driven threats, 70% of security leaders said they use crowdsourced security for AI defense testing. Ethical hacking is highly regarded, with 73% viewing it favorably and 75% having practical experience. As threats grow more severe and sophisticated, 89% of CISOs stress the importance of integrating crowdsourced security into their strategies.

“The increasing responsibilities and evolving challenges faced by CISOs are leading to new challenges and require a multi-faceted approach,” said George Jones, CISO at Critical Start.

“As security becomes a critical competitive advantage, CISOs must navigate complex threat landscapes, leverage AI and foster a culture of security within their organizations.”

The research, based on 209 survey responses from global security leaders, provides an in-depth look at the priorities and challenges facing CISOs today.