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Oracle Warns IT Security Not Protecting the Right Assets: Hedge Funds Take Notice

By Mary Beth Hamilton | Tuesday, July 23rd, 2013

It has been said that cyber security is becoming what disaster recovery was 20 years ago -- the threat is real and increasing at a notable rate, and precautions must be taken.  As a result, studies abound about the potential impact of security threats on a company.    
Just last week, CSO Custom Solutions Group and Oracle raised the question of whether companies are protecting the right assets.  Based on a survey of 110 companies, including financial services firms, CSO and Oracle found that most IT security resources in today's enterprises are allocated to protecting network assets, even though the majority of enterprises believe a database security breach would be the greatest risk to their business.
Following are specific survey findings pulled from the report that aim to make the case that firms should focus more on protecting core systems (i.e. apps, databases) versus the network layer:

  • Nearly 66 percent of respondents said they apply an inside-out security strategy, whereas 35 percent base their strategy on end-point protection.

  • However, spending does not align, as more than 67 percent of IT security resources -- including budget and staff time -- remain allocated to protecting the network layer, and less than 23 percent of resources were allocated to protecting core systems like servers, applications and databases.

  • 44 percent believed that databases were safe because they were installed deep inside the perimeter.

  • 90 percent reporte the same or higher, level of spend compared to 12 months prior. The survey shows that 59 percent of participants plan to increase security spending in the next year.

  • In 35 percent of organizations, security spend was influenced by sensational informational sources rather than real organizational risks.

  • 40 percent of respondents believed that implementing fragmented point solutions created gaps in their security, and 42 percent believe that they have more difficulty preventing new attacks than in the past.

The study highlights the need to take a thoughtful approach to IT security and understand the changing landscape.  However, companies, especially smaller ones, need to be realistic about the amount of security they can handle/afford.  Eze Castle Integration helps clients tackle this consideration on a daily basis and can be a great resource.
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Source: Oracle
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