Canadian Companies Lag in Cybersecurity Investments, According to Global Survey

FICO Corporate logo. (PRNewsFoto/FICO)

Survey by FICO and Ovum reveals lack of planning and investments

TORONTO, May 23, 2017 /CNW/ --

Highlights:

• 76 percent of surveyed Canadian executives believe the number of data breach attempts will be higher in a year, yet fewer than half say that their organization's investments in cyber security will increase in that same time period.
• 68 percent of respondents report that their organizations' volume of attempted data breaches has increased over the past year.
• Just 36 percent feel that an assessment of their organizations' cybersecurity in a year's time would show improvement, compared to 53 percent in the US.
• Ovum conducted telephone surveys for FICO of security executives at 350 companies in Canada and other countries.

Although recognizing an expected increase in the number of attempted data breaches in the next year, just over a third of Canadian executives believe their organizations' cybersecurity will improve over the next 12 months, according to a new survey conducted by research and consultancy firm Ovum for Silicon Valley analytics firm FICO.

FICO will host a Tweet Chat on the cybersecurity survey with Ovum on 1st June at 11:00 am EDT. Individuals are encouraged to participate using #cybertrends.

In a telephone survey, 68 percent of Canadian firms reported that their volume of attempted data breaches has increased over the past year. Despite all Canadian respondents predicting that the number will continue to rise over the next year, less than half (46 percent) believe their organization's level of investment in cybersecurity will increase to keep up.

Further, only 36 percent believe that an assessment of their organization's cyber security in a year's time will show an improvement — compared to 53 percent in the US.

"It is surprising to hear that few firms plan to make additional investments in cybersecurity when there seems to be a clear understanding that the risks are continuously rising," said Kevin Deveau, Vice-President and Managing Director of FICO Canada. "The stakes are higher now—with Canada's Digital Privacy Act requiring companies to soon start reporting their breaches to regulators and customers, by not taking steps to ensure they are protected, organizations risking not only their data, but their reputations as well."

Although most Canadian companies (76 percent) report having ongoing monitoring, scoring and reporting services to monitor cybersecurity risks, in the event of a breach they are less prepared than their global peers. Only 44 percent of Canadian executives reported that their organization have a tested data breach response plan, significantly lower than the 52 percent of respondents from the US.

"How a company responds to a data breach is critical," said Andrew Kellett, principal analyst for IT security, who conducted the research for Ovum. "Customers trust businesses with a great deal of personal information, and it's not just the large organizations which are being targeted by hackers. We're seeing smaller companies who never thought they would be at risk being compromised, and they don't know where to start. Some simply can't recover from a cyberattack."

Ovum conducted the survey for FICO through telephone interviews with CXOs and senior security officers in 350 companies based in Canada, the US, the UK, and the Nordics in March and April 2017. The respondents represented firms in financial services, telecommunications, retail, ecommerce and media service providers.

About FICO

FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 170 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.

Learn more at http://www.fico.com

FICO is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.

About Ovum

Ovum is a market-leading research and consulting firm focused on helping digital service providers and their vendor partners thrive in the connected digital economy. Through its 150 analysts worldwide, it offers expert analysis and strategic insight across the IT, telecoms, and media industries. Founded in 1985, Ovum has one of the most experienced analyst teams in the industry and is a respected source of guidance for technology business leaders, CIOs, vendors, service providers, and regulators looking for comprehensive, accurate, and insightful market data, research, and consulting. With 23 offices across six continents, Ovum offers a truly global perspective on technology and media markets and provides thousands of clients with insight including workflow tools, forecasts, surveys, market assessments, technology audits, and opinion.

Ovum is part of the Business Intelligence Division of Informa plc, a leading business intelligence, academic publishing, knowledge and events group listed on the London Stock Exchange. https://ovum.informa.com/

SOURCE FICO

Erin Griffin, Kaiser Lachance Communications, 647-725-2520 ex. 221, [email protected], http://www.fico.com

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