June 20, 2017

Canadian firms may be overconfident in their cybersecurity--Fico

TORONTO--A new survey commissioned and release by FICO suggests that Canadian companies and security executives may be overestimating their ability to idendify, repel and fix their cyber threats. The survey reveals the thoughts and plans of security executives at 350 companies in Canada and other countries.

Highlights include:

> 28 percent of respondents to a FICO survey on cybersecurity viewed themselves as top performers in their industry, and 24 percent felt they were above average in their preparedness.

> Telecommunications respondents were most confident, with 45 percent rating their firms as top performers, and 18 percent as above average.

While 76 percent of Canadian executives expect that the number of attempted data breaches will increase over the next year, they may be overconfident about their cybersecurity readiness, according to a new survey conducted by research and consultancy firm Ovum for Silicon Valley analytics firm FICO. 28 percent of respondents viewed themselves as top performers in their industry, and 24 percent felt they were above average in their preparedness.

Respondents from the telecommunications sector were the most confident, with 45 percent assessing themselves as top performers. Despite feeling prepared, the telecommunication industry appears to be the most committed when it comes to increasing levels of investments into cybersecurity over the next year. According to the survey, 64 percent of telecommunications firms plan to increase spending in the next 12 months.

"Given the scope and sensitivity of the consumer data within their possession, it's reassuring to see telecommunications firms focusing heavily on cybersecurity, especially considering Canadian organizations are lagging globally in terms of cybersecurity investments," said Kevin Deveau, Vice President and Head of FICO Canada. "It's reasonable to believe that those who have not been majorly compromised might evaluate themselves as a 'top performer', but in a world of constantly evolving threats, we caution firms not to become overconfident."

"It takes more than just firewalls to be prepared for an attack," continued Deveau. "To be truly equipped, firms should be thinking about analytics as well. This allows them to learn from any attempted breaches and continue to strengthen their defenses over time."

Ovum conducted the survey for FICO through telephone interviews with 350 CXOs and senior security officers in Canada, the US, the UK and the Nordics in March and April 2017. Respondents represented firms in financial services, telecommunications, retail, ecommerce and media service providers. FICO's solutions for cybersecurity include the FICO® Enterprise Security Score, which firms use to benchmark their own cybersecurity posture as well as that of vendors and partners.

FICO powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 170 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.



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