66% of Canadian organizations expect their cyber budgets to increase in 2022
Investments continue to pour into cybersecurity. Sixty-six percent of Canadian organizations (69% globally) predict a rise in cyber spending in 2022, compared to 56% last year (55% globally). Twenty-one percent (26% globally) predict cyber spending hikes of 10% or more; only 11% said that last year (8% globally).
The consequences for an attack rise as our systems’ interdependencies grow more and more complex. Critical infrastructures are especially vulnerable. And yet, many of the breaches we’re seeing are still preventable with sound cyber practices and strong controls.
Simplifying cyber
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But because some complexities are necessary, your enterprise shouldn’t streamline and simplify its operations and processes thoughtlessly, but consciously and deliberately.
Our 2022 Canadian Digital Trust Insights survey offers the C-suite a guide to simplifying cyber with intention. It focuses on four questions that tend to get short shrift but, if properly considered, can yield significant dividends.
Tech, in itself, isn’t the answer to simplified security. Our focus, instead, is on working together as a unified whole, from the tech stack to the boardroom—starting at the top with the CEO. Security is a concern for the entire business, in every function and for every employee.
Based on respondents’ answers to these questions, we determined the top 10% of global organizations that are most advanced in their practices. These most advanced respondents are twice as likely to report significant progress on important cyber goals: instilling a culture of cybersecurity, managing cyber risk, enhancing communication between boards and management, and coordinating cyber strategy with business strategy.
Globally, the top 10% reporting significant progress toward meeting these goals—the most improved—are many times more likely to be doing the right things.
more likely to have streamlined operations enterprise-wide
more likely to have a formal process fully implemented for data trust practices
more likely to have high levels of understanding of cyber and privacy risks from third parties
more likely to say their CEOs give them the support they need
more likely to state data and intel tools and approaches are integral to their operating model
more likely to say they have achieved public-private sector collaboration goals “very effectively”
We’ve seen Canadian organizations follow a similar path. Those that have made the most progress on their cyber goals are significantly more likely to have adopted these practices.
Make ‘simply secure’ your business mantra.
Be deliberate about simplicity and simplification.
Size up your risks — using data you can trust — to realise opportunities.
Shrink the large blind spot hiding the risks in your business relationships.
The 2022 Global Digital Trust Insights is a survey of 3,602 business, technology and security executives (CEOs, corporate directors, CFOs, CISOs, CIOs and C-suite officers) conducted in July and August 2021. There were 114 respondents in Canada.
Global and Canadian respondents operate in a range of industries: tech, media and telecom; industrial manufacturing; financial services; retail and consumer markets; energy, utilities and resources; health; and government and public services.
PwC Research, PwC’s global Centre of Excellence for market research and insight, conducted this survey.
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