Page 9 - Turkinsurance Digital Magazine

9

Cyber security is ignored in the transition to remote work

that: “The price of the pace of change that companies
have been forced to adopt over the past year has been
huge” and as for the results of the research, he made the
following assessment: “With the emergence of the need
for a rapid transformation to stay afloat, cybersecurity
was neglected. Switching to new working models without
closing cyber security vulnerabilities creates very signif-
icant risks, especially given that many companies will
make these new applications permanent in the post-pan-
demic era. Recent ransomware events indicate that ur-
gent action is necessary.”

Cybersecurity budgets are not compatible with the need

According to the research, cybersecurity budgets re-
The international audit and consulting company EY has main low compared to overall IT spending, despite the
announced the results of the Global Information Security increase in cybersecurity threats. Companies involved in
Survey 2021 (GISS), which examines the preparation the study averaged 11 billion $ in revenue last financial
and investments of the business world against cybersecu- year, but only 5.8 million $ was spent on cybersecurity.
rity threats and attacks. Research created as a result of
a survey conducted with senior managers of more than Cybersecurity is not sufficiently incorporated into
1,000 companies around the world, include findings on strategic investments
financial services, consumer products and retail, health
and life sciences, energy, technology, media, entertain- 39% of managers say the cybersecurity budget is be-
ment and telecommunications sectors. According to the low the amount needed to manage new challenges that
research, the new working models, which were quickly have emerged over the past 12 months. Again, 39% say
implemented as a result of the Covid-19 pandemic, make that cybersecurity spending is not sufficiently included
companies vulnerable to cyber attacks that are becoming in strategic investments such as IT supply chain trans-
increasingly and more complex due to underinvested cy- formation. 36% also believe it is only a matter of time
ber security systems. before their company suffers a major cyber attack, which
can be prevented if enough investment is made in cyber-
Cybersecurity leaders are more worried than ever security defenses.

More than half (56%) of the cybersecurity leaders sur- Inter-unit relations within the institution should be
veyed said their companies ignored some of their cyber- strengthened
security processes to meet new requirements for remote
and flexible working. However, 43% of managers ex- The research results suggest that the relationship be-
press more concern than ever about their company’s abil- tween cybersecurity leaders and other functions within
ity to manage cyber threats. 77% say they have seen an the organization decisively needs to be strengthened.
increase in the number of cyber attacks, such as ransom- 41% of cybersecurity leaders describe their relationship
ware, over the past 12 months. with the marketing function as negative, and 28% de-
scribe their relationship with company owners as weak.
Urgent action must be taken Research results for 2020 showed that 36% of manag-
ers had confidence that cybersecurity teams would be
Ümit Yalçın Şen, Partner of Consulting Departmentand consulted during the planning phase of possible new busi-
Cyber Security Services Leader of EY Turkey, stated ness initiatives, decreased to 19% in 2021.