BIoT Canada

FICO survey finds Canadian firms ‘overly confident’ about their cybersecurity

July 16, 2018  

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Despite the growth in data breaches, security managers at Canadian firms are incredibly confident in their cybersecurity preparedness, according to a new survey conducted by research and consultancy firm Ovum for Silicon Valley analytics firm FICO.

Upwards of 84% of executives from Canadian firms said their firm was better prepared than their competitors in their industry. Out of the eight regions surveyed, Canadians were the most likely respondents (44%) to rate their company as a top performer for cybersecurity protection (compared to only 28 percent in 2017).

Among Canadian industries, 67% of telecommunications and IT services said their firm was a top performer. Financial services firms were second, with 63% calling their firms top performers. The least confident — or most realistic — respondents were in power and utilities, where 20% said their firm is a top performer, and 40% said they were above average.

While in the retail and e-commerce industry only 18% felt they were top performers, but 71% rated themselves as above average.

Despite this confidence, only 38% of organizations are using tools to provide more than a point-in-time assessment of what their cybersecurity risk is.

“It’s alarming to learn that organizations are overly confident in their cybersecurity preparedness,” said Kevin Deveau, vice president & managing director, FICO Canada. “That amount of confidence can lead to complacency, which is dangerous. Cyber security is an ongoing battle that requires attention. For an overwhelming majority of firms to feel that they are above average shows that there is a lack of understanding of what the industry averages truly are.”

“IT leaders have greater funding than ever to protect organizations from the continuously evolving threa t landscape and meet complex compliance demands,” said Maxine Holt, research director at Ovum.

“These same IT leaders are undoubtedly keen to believe that the money being spent provides their organization with a better security posture than any other — but the rapid pace of investment, often in point solutions, rarely takes an organization-wide view of security.”

Ovum conducted the survey for FICO through telephone interviews with 500 senior executives, mostly from the IT function, in businesses from Canada, the U.S., U.K., Brazil, Mexico, Germany, India, Finland, Norway, Sweden and South Africa.

Respondents represented firms in financial services, telecommunications, retail and ecommerce, and power and utilities.

Further information on the study is available via the following link:

Founded in 1956 and based in Silicon Valley, FICO pioneered the use of predictive analytics and data science to improve operational decisions.