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%.
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 i ..
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