New research reveals that poor corporate security strategies are impacting business deals

A new report has revealed that 67% of surveyed respondents’ businesses have lost deals as a result of low customer confidence in their security strategies.

LogRhythm’s “The State of the Security Team 2022: Can Security Teams Meet Internal and External Stakeholders’ Requirements?”, which is built on research conducted by Dimensional Research, recognised that poor security is having a major impact on bottom-line revenue.

Dimensional Research conducted a survey of 1,175 security professionals and executives across five continents, representing a global view. The research investigated security solution capabilities, deployment strategies, gaps and the value of tool consolidation.

The survey also looked to compare key data collected by LogRhythm and Dimensional Research in 2020 to identify and evaluate trends.

Respondents overwhelmingly indicated that customers and partners are demanding higher standards, highlighting that security has evolved beyond internal consideration.

91% reported that their company’s security strategy and practices must now align to customers’ security policies and standards. Partners also exert a new level of due diligence, with 85% of respondents stating that their company must provide proof of meeting partners’ security requirements.

“Given the increasing complexity and severity of cyber-threats organisations are experiencing, cybersecurity is now a business imperative,” said Andrew Hollister, Chief Security Officer, LogRhythm.

“Security events hold the potential to significantly impact revenue, which begs the attention of executive leadership and pushes more organisations to align on expectations both internally and externally.”

When asked if employee turnover reduces the effectiveness of security teams, a majority agreed; 77% of executives, 70% of directors and managers and 58% of security team members agreed that this has an impact.

To download the full report, click here.