Poorly educated boards mean less cybersecurity funding for ANZ CISOs

Just a quarter of board members in Australia and New Zealand understand cybersecurity well enough to make appropriate funding decisions, according to a recent survey.

Bridging skills gap

“Frustrated” Australian and New Zealand CISOs are being left out of high-level strategic discussions, according to a regional survey that found more than half are fighting a rising tide of cybercriminal activity with budgets that are far too small for what’s required.

Fully 51% of the cybersecurity leaders in the Oceania region said their security budgets are less than what they require—well above the 42% figure who said they felt that way globally.

The gap between boards and CISOs

Four in 10 respondents to the EY Global Information Security Survey 2021 saying that it’s only a matter of time until their companies are breached in a way that could have been avoided, if they had had more funding.

“The result is unease about unnecessary and avoidable risk,” said Nicola Hermansson, cybersecurity, privacy, and trusted technology partner at EY Oceania, who warned that regional CISOs are “frustrated”. “While budget pressures are a global concern, resources in Australia and New Zealand appear to be in particularly short supply, and old weaknesses threaten to become serious vulnerabilities.”

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