CISOs are More Concerned with Lawsuits, and API Security

Digital initiatives play a crucial role in business today; they bring new business opportunities, fostered creative partnerships, and deliver new customer conveniences across multiple industries.

But all these innovations pose the biggest challenges for CISOs/CSOs, and they don’t want companies to sacrifice security for speed.

According to the Survey report share with Cyber Security news by Salt Security’s “State of the CISO 2023,” mentions that nearly 90% of CISOs say Digital Transformation Introduces Unforeseen Risks.

Challenges from the Rapid Digital Transformation

The effects of digitization are felt most keenly by businesses in the financial services and healthcare sectors.

Following are the challenges Digital economy provides;

• Lack of qualified cybersecurity talent to address new needs (40%)
• Inadequate adoption of software (36%)
• The complexity of distributed technology environments (35%)
• Increased compliance and regulatory requirements (35%)
• Difficulties justifying the cost of security investments (34%)
• Getting stakeholder support for security initiatives (31%)

While 37% of CISOs worldwide “very much agree” that digital services increase risk, this number rises to 43% among financial services CISOs and 47% among healthcare, reads the report.

Almost all CSOs and CISOs (99%) said they face personal & professional challenges from the rapid digital transformation.

Most CSOs (48%) are worried about being sued due to a breach, followed by increased risk and personal accountability (45%).

After ex-Uber employee Joseph Sullivan’s conviction for covering up a 2016 data breach, security experts have become fearful of being held personally liable for security mistakes.

CISOs identify supply chain or third-party vendors (38%), API adoption (37%), and cloud adoption (35%) as the top three security control gaps resulting from their digital initiatives.

While AI has been identified as a significant concern by CISOs worldwide, other major problems include the state of the economy and international politics.

Eighty-two percent of CISOs say their security spending is higher than two years ago.

The spending power of CISOs has dropped as a percentage of revenue over the past two years, even though the revenue of these same organizations has increased by 87%.

In addition to the trends impacting CISOs’ role, AI is a top issue of concern as cyber attackers are already using AI to conduct sophisticated attacks.

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