Survey Finds Cybersecurity Budgets Rising and Increased Incident Response Confidence

The financial services industry is spending more on cybersecurity, but compliance professionals are concerned about adhering to new SEC cybersecurity rules and firms have been slow to assess AI as a potential cybersecurity risk. To help firms assess how their cybersecurity programs compare with those of their peers, ACA Group (ACA) and the National Society of Compliance Professionals recently released the latest iteration of their periodic cybersecurity benchmarking survey. The study examined cyber budgets and staffing; policies, testing, insurance and response; regulatory concerns; and risk management. This article synthesizes the key findings and the insights offered by Mike Pappacena, a partner at ACA Aponix, and Aaron Pinnick, a senior manager at ACA, in their recent review of the survey results. See “NAVEX Shares Benchmarking Data in 2023 State of Risk and Compliance Report” (Jul. 26, 2023).

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