LONDON — While retail and consumer executives are spending less on security due to insufficient capital, cyber-crime incidents across the industry are on the rise, according to a report from PwC here.
Nearly three quarters (72%) of respondents said they are either very confident (35%) or somewhat confident (37%) that their information security practices are effective; however, according to PwC, companies may be developing a false sense of security.
The report, "R&C Insights: Confidence and Progress," surveyed nearly 1000 senior industry executives from the retail and consumer industry.
PwC suggests that executives consider the security impact of new technologies, such as advanced persistent threats, and employee use of personal technology within the enterprise, as nearly half of the industry has not yet started to put new technology capabilities in place.
Other findings include: 48% of respondents are confident that security spending will increase anywhere from 10% to 30% or more within the next year; 34% are implementing strategies to keep pace with employee use of personal electronic devices; and 54% say that cloud computing has improved their information security.