Why Aren’t Security Tools More Effective?

Nearly 40% of senior security decision-makers surveyed have complete trust in their organization’s defense against cyberattacks. However, research reveals that these organizations experienced an average of five major security incidents in the past year, despite utilizing an average of eight cybersecurity platforms.

One of the main reasons for this disconnect is the low adoption rate of managed detection and response (MDR) solutions or engagement with managed security service providers (MSSPs), which stands at only 24%.

Interestingly, there is a growing trend of outsourcing cybersecurity services, with 98% of respondents who do not currently outsource expressing plans to do so, with 51% intending to outsource within the next 12 months.

The study titled “The False-Positive of Trust: Kroll’s 2023 State of Cyber Defense Report,” surveyed 1,000 senior IT security decision-makers in organizations with revenues ranging from $50 million to $10 billion. The aim of the global study was to explore the levels of organizational trust and its impact on effectively addressing cybersecurity challenges.

The report highlights the importance of quality over quantity when it comes to security tools. Kroll concludes that relying solely on a high number of security tools is an ineffective strategy. Instead, having the right tools in place is crucial for effective cyber protection.

The report also emphasizes the common overestimation of security tool capabilities without ongoing managed response. Security teams often seek quick-fix solutions for the challenges they face daily, but fail to recognize that cybersecurity is an ever-evolving landscape that requires continuous efforts.

Key findings include:

  • 42% of information security decision-makers cite a lack of trust as their biggest challenge, with 95% believing that senior leadership does not trust their security teams to safeguard the organization against threats.
  • Organizations that use a higher number of cybersecurity platforms tend to experience more cybersecurity incidents.
  • Only 23% of businesses have cybersecurity insurance, and among IT and security professionals who claim their security operations are cyber mature, only 20% have cyber insurance coverage.

For our Partners only, download our Cyber Insurance FAQs for vital information to help your clients avoid denial of claims from loopholes that exist in virtually every commercial cyber policy!

Not a Foresite Partner and want access to this information?  Email cyber@foresite.com with “Insurance FAQs” as the subject line.

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