McAfee, Inc. (NYSE:MFE), today announced new research which found that 41 percent of organizations are not well aware of or protected against IT security risks. Another 40 percent are not completely confident they can accurately deploy countermeasure products thus leaving them at risk. The report Risk and Compliance Outlook: 2011, commissioned by McAfee and conducted by Evalueserve - found that to address these concerns, nearly half of all companies plan to spend an average of 21 percent more in 2011 on Risk and Compliance solutions. Overall, the survey indicated strong growth for risk and compliance products in 2011 with the majority of CSO’s and other decision-making executives demanding integrated and automated solutions rather than point products.
In regards to regulatory compliance, the vast majority, 75 percent of respondents, are not confident that they will pass a regulatory audit, with more than half of organizations stating that they have already failed an audit. Nine percent of companies indicated that these audit failures resulted in industry or government fines. Databases also ranked as the biggest infrastructure challenge in terms of complying with regulatory mandates.
Additional Key Findings:
- 41% of companies indicating they will be investing in Database Activity Monitoring
- 45% of companies are patching systems every week
- 49% of companies stated that they try to ‘over protect’ by patching everything
- 84% of the respondents feel that their business and security operations are impacted due to out-of-cycle patches
- 37% are not confident in knowing which assets need to be patched when a new threat materializes
- 24% of organizations are spending more than $250,000 annually on auditors
- Compliance is perceived as the main budget driver for 25 percent of IT projects
- More than 40 percent of organizations get into “fire-fight mode” when a regulatory audit approaches, diverting critical resources away from strategic priorities
- 39% are not confident of being able to translate IT risks into business risks
- 56% of organizations indicated adding “Countermeasure-Awareness” to their risk analysis would provide the biggest benefit
- 60% of the respondents believe that up to 10% of downtime is attributable to unauthorized changes that take place over the entire year
“Organizations are under increasing pressure to protect customer information and privacy, as well as their own sensitive business information, driving the need for a strong focus on risk and compliance management,” said Stuart McClure, senior vice president and general manager of risk and compliance for McAfee. “As the results of this study show, companies recognize the need to improve risk management through better identification of threats, vulnerabilities and countermeasures, as well as the need to improve policy compliance through more automation of IT controls.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV