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Over half of security leaders still rely on spreadsheets

May 20, 2020

The Panaseer Team

Senior security leaders within financial services companies are being challenged with a lack of trusted data to make effective security decisions and reduce their risk from cyber incidents, according to Panaseer.

Results from a global external survey of over 400 security leaders that work in large financial services companies reveal concerns on security measurement and metrics that include data confidence, manual processes, resource wastage and request overload.

Issues with processes, people and technologies

The results demonstrate myriad issues with the processes, people and technologies required to have a full understanding of the organization’s cyber posture and the preventative measures required to stop a security control failure from becoming a security incident.

The vast majority (96.77%) of respondents claimed they use metrics to measure their cyber posture, with the primary use for security metrics being risk management (41.69%), demonstrating the success of security initiatives (28.04%), supporting security investment business cases (19.11%) and Board/ executive reporting (10.17%).

You can read the full article by Help Net Security here.