LogRhythm Survey: ANZ Security Executives Optimistic Despite Customer Confidence Issues
LogRhythm Survey Finds Communication Gap Despite High Ratings in ANZ Cybersecurity Defense
A recent survey conducted by LogRhythm revealed that despite 81% of security executives in Australia and New Zealand rating their cybersecurity defense as good or excellent, four out of ten companies have lost deals due to customers lacking confidence in their security strategy in the past 18 months.
While the majority of security executives view their cybersecurity defense positively, 40% of companies faced customer confidence issues, leading three-quarters of companies to adjust their cybersecurity strategy. Shockingly, 71% of companies that lost deals due to customer confidence issues experienced it within the last 18 months, showcasing a disconnect between security executives and customers on the effectiveness of their cybersecurity defense.
The study, titled LogRhythm’s 2024 State of the Security Team: Navigating Constant Change Research Report, surveyed 1,176 cybersecurity professionals and executives globally, including APAC countries like Singapore, Malaysia, Indonesia, Japan, India, Australia, and New Zealand.
Despite the increase in cybersecurity budgets and the confidence in having necessary resources to combat cyber threats, there remains a communication gap between security teams and non-security executives. This gap poses challenges in measuring and communicating the value and impact of cybersecurity investments, potentially affecting an organization’s readiness and response capabilities.
To address these challenges, LogRhythm’s ANZ Country Manager, Matthew Lowe, emphasized the importance of C-suite executives collaborating closely with cybersecurity professionals and enhancing communication and collaboration between security and non-security teams. Ultimately, investing in cybersecurity solutions and automation technologies can improve operational efficiency and enhance overall cybersecurity posture in the face of evolving threats.