A new cyber security survey found that only a 35 percent of companies are completely or very confident in the security of their information. The survey included 216 technology company executives done by Silicon Valley Bank.
“The survey shows us the threat of a cyber attack is not just hype,” said Bob Curley, managing director of corporate finance for Silicon Valley Bank. “A surprising number of technology companies we heard from say the threat to their IP and their business is very serious. … Companies in the tech sector, particularly software companies, are feeling exposed, and increasingly having to expend resources to manage cyber attacks, rather than investing in the growth of their business. That’s a huge impact on a growing company, and eventually the economy overall.”
The survey found 98 percent of companies are maintaining or increasing their cyber security resources, and of those half are increasing resources devoted to online attacks this year.
Resources are most likely to be invested in monitoring, preventative policies, training and staffing rather than in preventative infrastructure.
Silicon Valley Bank is based in Santa Clara, Calif.