LONDON — Despite tight budgets stalling retail and consumer executives from updating data security programs, many remain confident in their security practices, according to a new report from PwC here.
The report, “R&C Insights: Changing the Game,” which surveyed more than 1,100 senior retail and consumer industry executives, found that 69% said they are confident their company’s security activities are effective; however, that represents a decline since 2008, when 83% of respondents expressed confidence in their security program.
Among other findings, PwC learned that companies are mostly influenced by economic conditions, rather than the business value of good information security, when determining security budgets. Furthermore, these companies are struggling to keep pace with the adoption of cloud computing, social networking, mobility and the use of employee-owned devices, failing to incorporate these into their security policies.
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PwC suggests in the report that executives adopt a new way of thinking in order to achieve effective security, such as implementing risk-assessment strategies and aligning security investments with identified risks, as well as embracing information security as “both a means to protect data and an opportunity to create value.”
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