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Missed Information Security Targets Start to Trouble New Zealand Boardrooms

Announcement posted by emt Distribution 28 Nov 2019

Business failure to tie IT security metrics to overall company performance starts to hurt CEOs, new New Zealand and international research from Thycotic reveals
Adelaide – November 28, 2019 – Companies that fail to set their IT security teams targets that directly correlate with overall business performance are causing problems for their CEOs according to a new New Zealand and international study by Thycotic, a provider of privileged access management (PAM) solutions for more than 10,000 organisations worldwide.

Out of a sample of 50 New Zealand IT security decision-makers around three quarters (74%) agree that their organisations struggle to align security initiatives to business goals.

And more than six out of 10 (62%) agree there are implications for the CEO if security teams are unable to meet security targets. Consequences range from headaches such as receiving a hard time from shareholders (52%) and longer hours spent on the job (77%) to serious penalties including lost bonus payments (42%) and even a threat to the job (65%).

Interestingly, meeting performance targets set by the Board did not come out on top when IT security teams were asked to describe what success looks like. More people rated success as just keeping everything running smoothly (48%) or achieving consistent pay increases and/or bonuses (42%) above performance targets set by the board (36%).

Commenting on the findings, Joseph Carson, Chief Security Scientist and Advisory CISO at Thycotic says, “We live in a new era where CEOs can and will be held accountable for IT security failures that occur on their watch. Today when cyber security teams do not meet their targets, it impacts the CEO with longer hours, job insecurity, shareholder pushback, and bonus reductions.

“To minimise the risks, CEOs need to set IT security professionals proactive measures and appropriate budgets that demonstrate the positive contribution they make to overall business performance,” he continues. “A good example is to appoint an IT security professional with good communication skills in charge of cross-departmental co-operation. This has the dual advantage of putting IT security on a more proactive footing and increasing the chances of spotting/remediating digital risks early before they can escalate and cause trouble at Board level.”
 
To download the full report: click here

Notes for Editors
 
Research Methodology
Thycotic, commissioned independent market research specialist Sapio Research to undertake the study. Sapio asked more than 500 IT security professionals in August 2019 how they measure success and their impact on overall business success.
 
The sample included 50 respondents from New Zealand from organisations with 500 employees or more from a range of private and public sectors. The survey also encompassed respondents from USA, the UK, Germany and Australia. Interviews were conducted online using a rigorous multi-level screening process to ensure that only suitable candidates were given the opportunity to participate.
 
Results referenced above all refer to New Zealand respondents only.
 
About Thycotic
The easiest to manage and most readily adopted privilege management solutions are powered by Thycotic. Thycotic’s security tools empower over 10,000 organizations, from small businesses to the Fortune 500, to limit privileged account risk, implement least privilege policies, control applications, and demonstrate compliance. Thycotic makes enterprise-level privilege management accessible for everyone by eliminating dependency on overly complex security tools and prioritizing productivity, flexibility and control. Headquartered in Washington, DC, Thycotic operates worldwide with offices in the UK and Australia. For more information, please visit www.thycotic.com.