Two-thirds of Companies Have Lost Deals Because of Low Confidence in Their Security, LogRhythm Study Finds
Customers and partners are demanding that the security level of companies with whom they work match theirs, as two-thirds of those organizations admit that sub-par standards had cost them business deals.
LogRhythm Study Released
The LogRhythm study, entitled “The State of the Security Team 2022: Can Security Teams Meet Internal and External Stakeholders’ Requirements?” found that the lack of cybersecurity confidence by some 1,175 security professionals and executives globally who participated in the report led to a direct hit on companies’ bottom line. An earlier version of the study was conducted two years ago.
LogRhythm, a security provider that authored the study, which also compared 2022’s data to 2020’s research. Offering his insights, Andrew Hollister, LogRhythm’s chief security officer, said:
“Given the increasing complexity and severity of cyber threats organizations are experiencing, cybersecurity is now a business imperative. Security events hold the potential to significantly impact revenue, which begs the attention of executive leadership and pushes more organizations to align on expectations both internally and externally.”
A Closer Look at the Study
Here are some additional findings from the research:
- The majority of respondents (83%) said they now receive enough support around budget, strategic vision and buy-in, suggesting an improvement in understanding between executive leadership and their security teams. In 2020, only 43% of respondents said they received enough executive support.
- 77% of executives, 70% of directors and managers and 58% of security team members said employee turnover has impacted the effectiveness of security teams.
- Nearly 7 in 10 companies said work-related stress is increasing, with 30% reporting a significant increase, indicating many companies may be trying to do more with less amid budget constraints.
- The leading stressors for security team members include growing attack sophistication, more responsibilities and increasing attack frequency. When asked what would help alleviate their stress, 42% of respondents said adding more experienced security team members and 41% said having more integrated security solutions.