According to Splunk, 90% of organizations experienced at least one major

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According to Splunk, 90% of organizations experienced at least one major cyberattack in the previous year.

93% of CISOs anticipate an increase in their cybersecurity budget during the upcoming year and nearly half report directly to the CEO. Splunk, Cybersecurity and Observability Provider, 2023 CISO Report

90% of chief information security officers said their company had experienced at least one disruptive assault in the previous year, with 34% saying there had been a few and 13% saying there had been many. In the wake of a ransomware assault, 83% of the CISOs polled paid the attackers.

The position of a CISO has evolved significantly, according to 86% of respondents, who claim that it is now almost a different job.

According to the survey, 86% of CISOs believe that generative artificial intelligence will fill labor- and time-intensive security activities and free up security personnel to engage in more strategic work by addressing skill gaps and talent shortages on the security team.

More than 350 top security executives from 17 different businesses participated in the study, which revealed the concerns vying for their attention as well as the latest trends, threats, and tactics.

Combating the Threat Landscape CISOs Meeting Demands From Ransomware: Financial services (59%) retail (59%), healthcare (52%), and other industries also faced ransomware attacks that had an effect on their computer systems and business activities in the previous year.

In the event of a ransomware assault, 83% of firms made a payment to the attackers, and more than half did so for a minimum of $1,00,000.

The majority of CISOs (70%) believe that attackers benefit more from generative AI than defenders do, yet 35% are experimenting with it for cyber protection, including

Malware Analysis,
Workflow Automation, and
Risk Scoring.

The industries with the highest percentages of CISOs who voiced concern about generative AI were

Healthcare (88%),
Manufacturing (76%), and
Financial Services (72%).

To reduce the security risks associated with AI, 51% of CISOs in the financial services industry indicated they intended to deploy particular cybersecurity controls.

Restricting Tools Will Close Visibility Gaps: According to CISOs, tool sprawl is a big worry that exacerbates already-existing visibility problems.

The majority of CISOs (88%) believe there is a need to limit the use of security analysis and operational technologies, and suggested solutions including

Security Orchestration,
Automation & Response,
Security Information & Event Management, and
Threat Intelligence.

Organizations Give Cybersecurity Priority The C-Suite Now Has CISOs: CISOs now report to the CEO in 47% of the firms studied, and boards depend more and more on them to direct cybersecurity strategy.

CISOs indicated regular attendance at board meetings across a range of sectors, including

Technology (100%),
Government (100%),
Communications & Media (94%),
Healthcare (88%), and
Manufacturing (86%).

Boards Prioritize Security Funding: Of the respondents, 93% predicted that their cybersecurity budget would increase during the upcoming year, whereas 83% anticipated budget decreases in other areas of their firm.

Security is being impacted by economic issues, with 80% of respondents reporting that an increase in risks coincided with the economy’s downturn for their firm.

Critical for Cross-Functional Cybersecurity Collaboration: Of the CISOs questioned, 92% reported a considerable or moderate increase in cross-functional cybersecurity collaboration across security teams, IT, and engineering companies.

77% of respondents said there was room for improvement in the way IT and development teams collaborated on incident root cause analysis and resolution.

The CISOs concurred that strategic cooperation will be essential for increasing visibility and ensuring resilience across the board.

Jason Lee, CISO, Splunk

“The C-Suite and board of directors are increasingly looking to CISOs for direction as the threat landscape and market conditions change and become more complex.”

“These connections give CISOs the chance to establish themselves as security culture champions who encourage cross-collaboration and resilience among teams.”

About The Author

Suraj Koli is a content specialist with expertise in Cybersecurity and B2B Domains. He has provided his skills for News4Hackers Blog and Craw Security. Moreover, he has written content for various sectors Business, Law, Food & Beverage, Entertainment, and many others. Koli established his center of the field in a very amazing scenario. Simply said, he started his career selling products, where he enhanced his skills in understanding the product and the point of view of clients from the customer’s perspective, which simplified his journey in the long run. It makes him an interesting personality among other writers. Currently, he is a regular writer at Craw Security.

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