Bitglass, the Next-Gen CASB company, released findings today from its latest report, The Cloudfathers: An Analysis of Cybersecurity in the Fortune 500.
To uncover whether the world's leading companies are committed to
enhancing their cybersecurity initiatives, Bitglass researched the
members of the 2019 Fortune 500 and analyzed public-facing information
such as what is available on their websites.
The
Cloudfathers report found that 77% of the Fortune 500 make no
indication on their websites about who is responsible for their security
strategy. Additionally, 52% do not have any language on their websites
about how they protect the data of customers and partners (beyond a
legally required privacy notice). The results demonstrate that most
organizations lack an authentic, lasting commitment to cybersecurity,
with certain industries being less security-conscious than others. As
breaches continue to cost brands millions, incite executive turnover,
decrease stock prices, and harm countless stakeholders, it is crucial
that organizations appoint relevant leadership and prioritize proper
cybersecurity.
Other Key Findings:
- 38% of the 2019 Fortune 500 do not have a chief information security officer (CISO).
- Of
this 38%, only 16% have another executive that is listed as responsible
for cybersecurity strategy, such as a vice president of security.
- Of the 62% that do have a CISO, only 4% have them listed on their company leadership pages.
Most Security-Conscious Industries in the Fortune 500:
- The
transportation industry is the most security-conscious vertical, with
57% of its companies listing an executive as responsible for
cybersecurity strategy. The aerospace industry (33%) and the insurance
industry (30%) come in second and third, respectively.
- 89%
of organizations in the aerospace industry have information available
on their websites about how they are protecting the data of customers
and partners. Aerospace is followed by finance (72%) and technology
(66%).
Least Security-Conscious Industries in the Fortune 500:
- No
hospitality companies list an executive who is responsible for
cybersecurity strategy. The manufacturing and telecommunications
industries follow closely behind at 8% and 9%, respectively.
- Within
each of the construction, oil and gas, and hospitality industries, only
25% of organizations have information on their websites about how they
protect customer and partner data.
"Corporate
social responsibility initiatives have made it onto the websites of the
Fortune 500, but research has shown that the same level of importance
is not being given to publicly demonstrating commitment to cybersecurity
initiatives," said Anurag Kahol, chief technology officer of Bitglass.
"Lax security and its resulting breaches have long-term repercussions
for organizations as well as their customers, shareholders, partners,
and other stakeholders. Members of the Fortune 500 should be focused
just as much on protecting personal data and consumer privacy as they
are on other areas of social responsibility."
To learn more about the current state of cybersecurity commitment among the 2019 Fortune 500, download the full report here: https://pages.bitglass.com/CD-FY19Q3AnAnalysisofCybersecurityintheFortune500_LP.html