UK Executives Give Boards ‘A’ in Cyber Literacy

Tripwire, Inc., the global provider of advanced threat, security and compliance solutions, today announced the results of a study sponsored by Tripwire on cyber literacy challenges faced by organisations. The study, which was carried out in May 2015, evaluated the attitudes of executives as they relate to cybersecurity risk decision-making and communication between IT security professionals, executive teams and boards. Study respondents included 101 C-level executives and directors as well as 176 IT professionals from both private and public U.K. organisations.

Despite the increasing number of successful cyberattacks against U.K. organisations, the study revealed that 54 percent of C-level executives at organisations within the Financial Times Stock Exchange (FTSE) 100 index believe their board is both cybersecurity literate and actively engaged in routine security. IT professionals from the same organisations are less confident in their boards cybersecurity knowledge, with 26 percent stating their boards only steps in when there is a serious incident.

While the results of the Tripwire study point to executive confidence, they reveal the uncertainty of IT professionals. When asked if their board was “cyber literate,” almost one-third of IT professionals either answered “no” or “not sure.” However, when C-level executives were asked the same question, 84 percent answered “yes.”

“There’s a big difference between cybersecurity awareness and cybersecurity literacy,” said Dwayne Melancon, chief technology officer for Tripwire. “If the vast majority of executives and boards were really literate about cybersecurity risks, then spear phishing wouldn’t work. I think these results are indicative of the growing awareness that the risks connected with cybersecurity are business critical, but it would appear the executives either don’t understand how much they have to learn about cybersecurity, or they don’t want to admit that they that they don’t fully understand the business impact of these risks.”

Other key findings include:

• 28 percent of IT professionals “don’t have visibility” into what the board is told about cybersecurity, and 47 percent were “not concerned” about their boards knowledge of cybersecurity.
• In the event of a cyberattack, respondents would be most concerned about customer data (62 percent), damage to brand and reputation (50 percent), and financial damage or stock price (40 percent).
• 35 percent of respondents agreed that a security breach at their own organization had the biggest impact on their boards’ cybersecurity awareness, while other respondents felt that Heartbleed (19 percent) had a bigger impact than the Target or Sony breach and the Snowden leaks (17 percent and 8 percent, respectively).

“Most organisations are not struggling with communication tools,” said Melancon. “They are instead struggling with finding the right vocabulary and information to accurately portray cybersecurity risk to their boards, and they are trying to find the right balance of responsibility and oversight for this critical business risk.”

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Tripwire, Inc., is a leading provider of advanced threat, security and compliance solutions that enable enterprises, service providers and government agencies to confidently detect, prevent and respond to cybersecurity threats. Tripwire solutions are based on high-fidelity asset visibility and deep endpoint intelligence combined with business-context and enable security automation through enterprise integration. Tripwire’s portfolio of enterprise-class security solutions includes configuration and policy management, file integrity monitoring, vulnerability management and log intelligence.[/su_box]