Cyber Investments, Risk Reduction Misaligned for Organizations, New Study Suggests - MSSP Alert
written by D. Howard Kass • August 4, 2023
The confidence level regarding the efficiency of their existing approaches for assessing and reducing significant cyber risks is not very high among 66% of the cybersecurity experts in America.
Critical Start, a managed detection and response (MDR) service provider recognized in the 2023 MSSP Alert Top 40, has recently published a study confirming this outcome.
Are Security Leaders Confident?
Critical Start's latest study, the Cyber Risk Confidence Index for the first half of 2023, examines the levels of confidence that IT security leaders possess in their current methods of mitigating cyber risk. Additionally, it assesses the degree to which these strategies are in line with their respective organization's risk profile.
According to the information provided, a whopping 83% of leaders responsible for IT security stated that their company places greater importance on the financial aspect of security rather than the potential risk of a breach. Furthermore, even though 67% of organizations have implemented conventional security measures to detect and respond to threats, they have still suffered breaches within the last two years. Additionally, a majority of 61% of those surveyed acknowledge that their organization's investment in cybersecurity does not fully align with their goals of reducing quantifiable risks.
Randy Watkins, the top technology officer at Critical Start, elaborated on the findings of the survey.
Given the numerous and overwhelming obstacles that cybersecurity leaders encounter in the present, including intricate and constantly changing threat landscapes and insufficiently equipped security teams, the absence of assurance uncovered in our investigation may be disconcerting but not entirely surprising. Upon closer examination of the information we compiled, a well-known narrative appears; security experts yearn for greater provisions and improved coordination between their security expenditures and their organization's tolerance for risk.
Growing Complexity Of Threats
Main discoveries from the research comprise:
Examining Critical Start Closely
Alongside MDR, Critical Start provides SIEM, EDR, and XDR services for security information and event management, endpoint detection and response, and extended detection and response. By April 2023, the company had experienced a 100% growth in its earnings and customer base over the past two years.
The program offered by the company allows managed security service providers (MSSPs) and managed service providers (MSPs), as well as other technology providers, to incorporate these services into their range of offerings.
