Despite a strong self-assessment of their cybersecurity defences by security executives across Asia Pacific (APAC), nearly half have experienced business losses due to customer concerns regarding their security measures, according to a recent LogRhythm study.
Business deals falter due to lack of customer confidence
The study, which gathered insights from 1,176 cybersecurity professionals worldwide, including participants from Singapore, Malaysia, Indonesia, Japan, India, and Australia and New Zealand, exposes a significant disparity between how companies view their cybersecurity effectiveness and how customers perceive it. While 85% of security executives believe their cyber defences are good or excellent, 46% have lost business in the past 18 months because customers doubted these claims.
Responding to the dynamic threat landscape
The report, “2024 State of the Security Team: Navigating Constant Change,” reveals that 98% of APAC companies revised their cybersecurity strategies within the last year, driven by the adoption of artificial intelligence for managing threats—highlighted by 77% of the respondents. Additional factors prompting these changes include new types of cyber attacks, regulatory updates, and shifts in budgeting.
Japan shows the highest expectation for senior leaders to be accountable for cybersecurity breaches, with 96% agreement among its respondents. This marks a significant transition in the integration of cybersecurity into broader business strategy and governance.
Persistent gaps in communication and budgeting challenges
Despite more senior leaders being held responsible for cybersecurity, gaps in communication between security teams and non-technical executives continue to challenge effective management. Although 90% of APAC security teams report having adequate tools to communicate the current security status effectively to stakeholders, surpassing the global average of 81%, difficulties persist.
The study also points out that while 84% of APAC organisations have increased their cybersecurity budgets, there is still a lack of effective metrics to measure the impact of these investments. This deficiency is particularly evident in how security teams communicate the necessity of specific security measures to stakeholders.
Future outlook and strategic adjustments
Andrew Hollister, Chief Information Security Officer at LogRhythm, stated, “The evolving role of cybersecurity leadership reflects a fundamental shift in how organisations view and manage cyber risk. Today’s threat environment demands a collaborative approach, with senior executives working hand-in-hand with security professionals to understand the risks, make well-informed, strategic decisions, and allocate the necessary resources to safeguard the organisation and its clients.”
Yen Nee Si, Country Manager for Asia at LogRhythm, added, “To overcome these challenges, organisations can facilitate collaboration opportunities between security and non-security teams, and foster a shared understanding of each team’s requirements and responsibilities to streamline and enhance overall operational efficiency across different departments. Increased investments in cybersecurity solutions can also be complemented by employing automation technologies for reporting, which liberates teams from manual tasks to focus on higher-value work. This enables seamless communication among stakeholders, with ready access to real-time data on demand.”
The findings underscore the critical need for APAC companies to close the communication gap and develop comprehensive metrics to assess the effectiveness of their cybersecurity initiatives as they navigate an increasingly digitised environment.
