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Technology, Media & Telecommunications Industry significantly reduces spending on Security and Privacy |
- 32% have reduced their information security budgets in the past year
- 83% of respondents consider Web 2.0 technologies to be a significant security threat
- 41% of respondents have experienced an internal security breach
Technology, Media and Telecommunications (TMT) companies have significantly reduced investment in security spending in the past year, according to a new Deloitte survey. Deloitte’s annual TMT Security Survey reveals that 32 percent of respondents have reduced their information security budgets in the past year. 60% of respondents believe they are “falling behind” or still “catching up” to their security threats.
James Alexander, Partner in Deloitte’s Security and Privacy team said:
“It is clear that the current business climate requires TMT companies to focus on driving unprecedented levels of cost efficiency. However, companies that under invest in security now may find themselves vulnerable and unable to keep pace with the growing threats from increasingly sophisticated attacks and emerging technologies.”
Social Networking Adds to the List of Insider Threats
While social networks such as Facebook, MySpace and Twitter, and blogs can be powerful enablers, they also increase organisations’ internal security challenges.
Simon McCready, Partner in Deloitte’s Security and Privacy team adds: “Information and intellectual property are the lifeblood of a TMT company, protecting these precious assets, often in open and collaborative business environments, must be the imperative for organizations.
“This year’s survey results show that 83% of respondents consider ‘exploitation of vulnerabilities in Web 2.0 technologies’ to be a significant threat. In some cases, employees unintentionally release sensitive information without realising the consequences. The number one security problem reported by security auditors is excessive access rights.
“In other cases, employees may be using social networks and the internet for illicit activities that reflect badly on the company. Either way, the company could ultimately be held responsible. We have seen 41% of respondents experiencing at least one internal security breach in the past year in contrast to 27% of global financial institutions experiencing the same threat.
“The report shows that TMT companies can also protect sensitive data simply by limiting information access to only those employees who need to have it.”
Other key findings:
- 41% of respondents have established metrics to measure the effectiveness of their security investments, up from 19% two years ago.
- 94 per cent of respondents allocate less than 7 per cent of their total budget to IT security. A 30 per cent decline.
- Only 29% of respondents believe their security spending is on plan.
- Only 53 percent of respondents considering their organizations to be early adopters, down from 67 percent in 2007.
About the Survey
Deloitte’s third edition of the Global Security Survey for the Technology, Media & Telecommunications (TMT) industry, “Deloitte Global TMT Security Survey 2009,” was based on in-depth research, mostly in-person, with over 175 TMT organizations around the world. Respondents included companies headquartered in every major region: North America (NA); Europe, Middle East, Africa (EMEA); Asia Pacific (APAC); Japan; and Latin America and the Caribbean Regional Office (LACRO). The organisations who participated in the survey range from the large (with annual revenues of over $15 billion) to those with less than 500 employees.
For a copy of “Deloitte Global TMT Security Survey 2009” please visit www.deloitte.co.uk/tmt.
Notes for editors
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu (‘DTT’), a Swiss Verein, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk\about for a detailed description of the legal structure of DTT and its member firms.
The information contained in this press release is correct at the time of going to press.
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