Businesses Losing Deals Due to Lack of Confidence in Cyber Security Strategy

losing confidence

A new report 2024 State of the Security Team: Navigating Constant Change Research Report, reveals a concerning disconnect between security professionals and their customers in Australia and New Zealand (ANZ). While 81% of security leaders feel confident in their cybersecurity defences, a significant number (40%) have lost deals in the past 18 months due to customers' lack of trust in their strategy.

This highlights a gap in meeting customer expectations for data protection. Here are some key takeaways from the report:

Customers are demanding stronger cybersecurity: 71% of Companies that have lost deals due to customer confidence issues indicated that it happened in the last 18 months. Customers are increasingly concerned about data security, and they're looking for partners who can demonstrate a robust cyber security posture.

Security strategies are evolving: ANZ companies are adapting to the ever-changing threat landscape, with 76% reporting changes to their security strategy in the last year. This includes embracing new technologies like AI for threat management. The use of AI for threat management and new security solutions was cited as the primary driver for change in Australia and New Zealand.

Senior leadership needs to step up: There's a growing expectation for CEOs and senior leaders to be held accountable for cybersecurity breaches. This emphasises the importance of cyber security becoming a core business priority.

Communication is key: Despite having the right tools, 71% of security teams struggle to communicate the importance of cyber security measures to non-technical executives. This can lead to misunderstandings about the value of security investments. Meanwhile, only half of the respondents agreed that non-security executives understand the company’s regulatory obligations.

Budgeting for security: While ANZ businesses are investing in cyber security (64% reported budget increases), the level of investment lags behind the global average (76%).

Measuring success: Security teams often focus on reporting breaches and incidents, neglecting metrics like time to detection and recovery. This makes it difficult to demonstrate the true impact of security investments.

Outdated communication methods: Security teams rely heavily on manual methods like static reports and meetings to share information. This can hinder effective communication and decision-making.

Recommendations for Businesses:

Bridge the communication gap: Foster collaboration between security and non-security teams. Educate leadership on cyber security risks and the value of security investments.

Invest in automation: Utilise technology to automate reporting and other tasks, freeing up security teams to focus on higher-level activities.

Focus on preventative measures: Don't just react to breaches. Continuously monitor and adapt your security strategy to stay ahead of evolving threats.

By addressing these challenges, businesses in Australia and New Zealand can bridge the gap between your security team and your customers. SOCaaS solutions can provide the tools and expertise to demonstrate a strong security posture and build trust with your clients.

Here's what CommuniCloud can offer:

Security Expertise: Our team of security professionals will work with you to develop a comprehensive security strategy.

Advanced Threat Detection: We use the latest technology to identify and respond to threats quickly.

Clear Communication: We'll help you communicate your security posture to both technical and non-technical audiences.

Measurable Results: We provide reports that track the effectiveness of your security investments.
Don't let cybersecurity concerns cost your business, for more information contact us at

Published by Australian Cyber Security Magazine by acsm_admin on 28 May 2024