A new study by Silicon Valley Bank found that the vast majority of the more than 200 technology and healthcare company executives surveyed indicated they would be maintaining or increasing budgets for cyber security operations, with nearly half devoting more funds to defending against online attacks.
“Most survey respondents believe cybersecurity is a serious threat to both their data and business continuity, with a full 51% rating the threat to business interruption as very serious or serious. The threat to data or intellectual property (IP) was viewed as more significant with 60% saying it was a very serious or serious threat,” the report stated.
“Software companies are more likely than those in healthcare and cleantech/hardware to consider a cyber attack a serious threat in terms of business interruption (58% versus 47% and 41%, respectively).”
Other findings include:
- 98% of companies are maintaining or increasing their cybersecurity resources and of those, half are increasing resources devoted to online attacks this year
- The majority of companies are preparing for when, not if, cyber attacks occur
- Only one-third are completely confident in the security of their information and even less confident about the security measures of their business partners