svb cybersecurity impact on innovation report
TRANSCRIPT
Cybersecurity: Impact on Innovation
09.20.13
Highlights
Cybersecurity is seen as a serious threat across all industries: 93% of respondents indicate that cybersecurity is a priority
Almost half (46%) indicate that media has affected their perceptions of cybersecurity
Most respondents are relatively confident regarding the security of information they possess but less confident about their partners such as vendors and customers
Nearly half say resources devoted to cybersecurity have increased this year
Small and mid-size tech companies are now focusing more on measures to respond to inevitable cyber attacks — monitoring, preventive policies, training and staffing — than on preventive infrastructure
Over half of companies say cybersecurity is a key offering or component of product offering
Over half of respondents storing information privately, and show lower appetite for storing information in public cloud Software is most confident about using the public cloud
Software firms are equally concerned about business interruption as IP loss, while hardware and cleantech companies are more concerned with IP loss
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Most tech and healthcare companies believe cyber attack is a serious threat to their data and overall business
Pulse Survey: Cyber Security Results
“Way too much resource must be spent managing and defending, which prevents time better spent on innovation and growth. Very sad state for the technology community”.
CEO, Big Data Company
Source: Silicon Valley Bank
Pulse Survey: Cyber Security Results 4
Only 35% of companies are completely/very confident regarding the security of their own information and are less so when it comes to protective measures of business partners
“I believe it will be an ever-increasing concern and challenge. We are particularly concerned about foreign states who attempt to hack into our businesses.”
- CEO, Consumer Electronics Company
Source: Silicon Valley Bank
Pulse Survey: Cyber Security Results 5
Nearly half of respondents say resources devoted to the problem have increased
“It's a constant battle that won't go away and we are now spending more to protect ourselves from when we are hacked than to try and keep from being hacked.”
- CEO, Financial Technology Company
Source: Silicon Valley Bank
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Most common resource investments focus on active response to cyber attacks vs. infrastructure enhancements
Pulse Survey: Cyber Security Results
“Cybersecurity is a losing battle if a sophisticated hacker wants your data. The best you can do is minimize vulnerabilities, educate the executive team to care, implement and monitor policy.”
- CEO, Financial Technology Company
Source: Silicon Valley Bank
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Over half of companies (56%) say cybersecurity is at least a component of their offering
Pulse Survey: Cyber Security Results
“Cybersecurity is an important issue, and needs to be integrated into every aspect of the running of the company. Companies need to take…disaster recovery, risk assessments as well as regular audits seriously.”
- CEO, Enterprise Applications Startup
Source: Silicon Valley Bank
Pulse Survey: Cyber Security Results 8
Media attention has affected clients’ perceptions of cybersecurity
“Although there is a lot of useless media hype, cybersecurity is important and should never be ignored. For the foreseeable future, cyber attacks will be a daily constant for any company with an Internet presence.”
- CEO, Hardware /Cleantech Startup
Source: Silicon Valley Bank
Company information is more likely to be stored privately or using some combination of a private/public cloud
Pulse Survey: Cyber Security Results 9
“Data security is and always will be an important part of technology infrastructure. The cloud is not a silver bullet.”
CEO, IT Services Startup
Source: Silicon Valley Bank
Sector Focus
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Most sectors are devoting more resources to cybersecurity; this is more pronounced among software clients
Pulse Survey: Cyber Security Results
Source: Silicon Valley Bank
Pulse Survey: Cyber Security Results 12
Software companies more likely than hardware/cleantech or healthcare to consider a cyber attack a serious threat in terms of business interruption (58% vs. 47% and 41%)
Source: Silicon Valley Bank
13Pulse Survey: Cyber Security Results
Cleantech/hardware companies more likely than software or healthcare to consider a cyber attack to their data/IP a serious threat (69% vs. 58% and 60%)
Source: Silicon Valley Bank
Pulse Survey: Cyber Security Results 14
Software clients are more confident in security of their own information and less confident in security measures of their partners
Source: Silicon Valley Bank
Pulse Survey: Cyber Security Results 15
All subsectors have been influenced by the media to some degree; this is more pronounced among software companies
Source: Silicon Valley Bank
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Software companies are more likely to store company data in the cloud
Pulse Survey: Cyber Security Results
Source: Silicon Valley Bank
Pulse Survey: Cyber Security Results
Over half of companies (56%) say cybersecurity is at least a component of their offering
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Source: Silicon Valley Bank
Pulse Survey: Cyber Security Results 18
Survey Methodology
Online survey conducted between July 16-29, 2013216 surveys were taken62% CEO, 27% other C-level, 8% Other
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