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Cybersecurity Executives Say Cost of Security Reasonable: Survey

FireEye has surveyed over 800 cybersecurity executives from around the world for its inaugural 2020 Cyber Trendscape Report and most of them do not believe that cybersecurity solutions are expensive for the value they provide.

FireEye has surveyed over 800 cybersecurity executives from around the world for its inaugural 2020 Cyber Trendscape Report and most of them do not believe that cybersecurity solutions are expensive for the value they provide.

The report, which FireEye published on Monday, is based on responses from individuals with senior cybersecurity organizational roles, including C-level executives, senior directors and VPs. Respondents represent a wide range of industries and countries, including the US, Canada, France, Germany, the UK, China, Japan and South Korea.

Overall, 57% of respondents believe the cost of cybersecurity was reasonable for its value and 25% described it as inexpensive, while 18% of respondents said it was expensive. Interestingly, Canada (42%) and the UK (38%) had the most executives who believe cybersecurity is inexpensive, while the United States (28%) and Japan (29%) had the most respondents who believe it is expensive.

On the other hand, only 8% believe tech and cybersecurity solutions providers are doing a very good job when it comes to protecting their organizations. Over half of respondents, however, said governments and regulatory agencies were doing either a good or very good job.

Over three quarters of organizations plan on increasing their cybersecurity budget for 2020 — a majority plan to increase it by 1-9%.

Planned budget change for 2020

A vast majority of companies already have or they plan on getting cyber insurance in the next 18 months, but over half of those who currently have insurance say it’s difficult to find and they’re concerned about the value it provides.

According to FireEye, 51% of organizations believe they are not ready for a cyberattack. Roughly one-third have not tested or updated their attack and breach response plans for over a year, and only a quarter provide advanced cybersecurity training for employees.

FireEye has also highlighted some interesting regional views. For instance, Japan is the only country where there is a greater emphasis on detection over prevention, and South Korea is the only country that believes it’s most likely to be hit by state-sponsored attacks — other countries are least concerned about nation state attacks.

When it comes to cloud, the United States is in the lead in terms of transitioning to cloud systems, and Germany and Japan had the highest number of respondents who perceived the cloud as being less secure than on-premises systems, compared to the global average.

France is the only country that named cybersecurity training as an investment area with the greatest potential positive impact. Only less than 1% of organizations in france do not have a cybersecurity training program in place, compared to the global average of 11%.

The full 2020 FireEye Cyber Trendscape Report is available for download in PDF format.

Related: Some ICS Security Incidents Resulted in Injury, Loss of Life: Survey

Related: Can You Trust Security Vendor Surveys?

Written By

Eduard Kovacs (@EduardKovacs) is a contributing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.

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