Not long ago, corporate executives would give only passing thoughts to their organization’s cybersecurity postures. Leadership and board members would take notice in the wake of a major data breach, for example, or a couple of times a year as a “check the box” exercise to maintain compliance with regulations. Overall, however, cybersecurity analytics didn’t really garner much attention.
That changed in 2020. In the wake of the pandemic, cybersecurity incidents rose and became more sophisticated with phishing campaigns and ransomware attacks becoming more prevalent. Industries like healthcare and scientific research were particularly hard hit, but no sector was spared. The year culminated in the exposure of the SolarWinds breach, possibly the largest and most consequential third-party breach ever.
The rise in threats made executives take more notice of the way their organizations are using cybersecurity analytics to mitigate risk and reduce threats to their businesses. A recent survey by PwC shows that 96% of executives have shifted their cybersecurity strategy due to COVID-19, indicating a new seriousness about cybersecurity among the C-suite. That same survey discovered that 55% of respondents lack confidence their cybersecurity spending is allocated towards the most significant risks. This is in line with Gartner research indicating boards are asking for increased data and accountability into what their significant investments in cybersecurity technologies have bought them.
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