SVB Survey Shows Majority of Tech Executives Planning for Cyber Security AttacksSeptember 23, 2013 Company News
Silicon Valley Bank Survey Finds Tech Companies Preparing for When, Not If, Cyber Attacks OccurSANTA CLARA, Calif. –– September 24, 2013 — Silicon Valley Bank, financial partner to the innovation sector, found the majority of technology and healthcare companies view cyber security as a serious threat to both their data and business continuity, and only one-third are completely confident in the security of their information in a survey of more than 200 technology company executives.
The full report, “Cyber Security Impact on Innovation,” was part of a discussion led by Silicon Valley Bank between Silicon Valley-based CEOs and Michael Daniel, Special Assistant to the President and Cybersecurity Coordinator on September 20. The group discussed the impact of cyber security threats and attacks on growing and established technology companies.
“The survey shows us the threat of a cyber attack is not just hype. A surprising number of technology companies we heard from say the threat to their IP and their business is very serious,” said Bob Curley, Managing Director of corporate finance for Silicon Valley Bank. “Companies in the tech sector, particularly software companies, are feeling exposed, and increasingly having to expend resources to manage cyber attacks, rather than investing in the growth of their business. That’s a huge impact on a growing company, and eventually the economy overall.”
Nearly all (98 percent) of companies are maintaining or increasing their cyber security resources and of those, half are increasing resources devoted to online attacks this year. Resources are most likely to be invested in monitoring, preventative policies, training and staffing rather than in preventative infrastructure, indicating they are planning for when, not if, they are attacked.
While most respondents were moderately confident in the security of their information, they were less confident in their partners’, vendors’ and clients’ security measures. Most respondents are storing their data privately, showing a lower appetite for storing their information in the public cloud. Software companies were the exception with 59% using the public...Read More