According to a new survey by BDO USA, 79% of public company directors report that their board is more involved with cybersecurity than it was 12 months ago and 78% say they have increased company investments during the past year to defend against cyber-attacks, with an average budget expansion of 19 percent.
This is the fourth consecutive year that board members have reported increases in time and dollars invested in cybersecurity. Despite this positive progress, the survey also found that businesses continue to resist sharing informationon cyber-attacks with entities outside of their company. Just one-quarter are sharing information gleaned from cyber-attacks with external entities – a practice that needs to become more prevalent for the safety of critical infrastructure and national security.
“The survey also reveals a significant vulnerability – the continued failure of companies to share information they have gathered from cyber-attacks. Sharing information gleaned from cyber-attacks is a key to defeating hackers, yet just one-quarter of directors say their company is sharing information externally. This behavior needs to change,” said Gregory Garrett, Leader of International Cybersecurity at BDO USA.