Backstop cybersecurity survey shows firms heed warnings, prioritize security

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Following Backstop’s cybersecurity webinar in January, a sample of attendees, including leading institutional investors, were asked about their firm’s budget allocation to address new threats and their confidence in their firm’s ability to recover from a potential attack.

The results of this study revealed a growing concern for data security. 77% of respondents listed cybersecurity as at least “an important” priority, with 34% of those respondents citing cybersecurity as a top priority for their firm. Only 4% said cybersecurity is not a priority. An additional 43% of respondents said their firm had increased its budget for cybersecurity including prevention.

In an interview with Markets Media, Backstop’s Head of Information Security, Michael Neuman, attributed this growing prioritization to the widely publicized breaches that have been happening across industries. With the number of threats continuing to increase, it’s becoming more difficult for firms of all sizes to avoid fraudsters.

Despite the overwhelming percentage of respondents stressing the importance of information security, however, some firms still feel a lack of preparedness in their protection against and ability to recover from attacks. Over 10% of respondents expressed a lack of confidence in, or transparency around, their firm’s recovery plan in the event of a cyber-attack, and less than 20% conveyed complete confidence in their firm’s recovery plan.

Neuman suggested this may, in part, be due to a lack of expertise in the industry. “There is not a huge number of information security professionals out there,” he told Markets Media.

Read Backstop’s full press release.