Bell study reveals 5 key factors that Canadian businesses need to keep organizations secure

Rhea-AI Summary

Bell released a study on the state of cybersecurity in Canadian businesses, highlighting key factors for success. Only 1.6% of businesses report high achievement on all top five indicators. Factors such as security governance and embracing change contribute to security success.

Positive

• 1.6% of Canadian businesses report high achievement on all top five security indicators
• Organizations with well-defined security governance outperform their peers
• Embracing change and taking calculated risks reduces the likelihood of reporting a breach

Negative

• None.

MONTRÉAL, Oct. 25, 2023 /PRNewswire/ - Bell released a study on the state of cybersecurity in Canadian businesses today, highlighting new data that security leaders can use as they strategize to protect their organizations, with particular focus on securing the cloud.

Bell conducted a study of 402 Canadian organizations across public and private sectors to learn how they're succeeding and to see which activities can drive improvements. The most important outcomes that C-level executives are looking to drive are:

• Meeting/exceeding compliance objectives
• Maintaining a high level of confidence in security posture to business stakeholders
• Achieving the best possible rates for cyber insurance
• Having highly satisfied security staff (and lower turnover rates of security personnel)
• Avoiding cybersecurity breaches in the past 12 months

To identify factors that correlate with success outcomes, Bell asked respondents questions about their organization's on-premises and cloud security practices. The result is a list of 29 factors that cover Governance & Culture, Teams & Talent, Cloud Security Practices, and Automation & Integration efforts. Of note, while many organizations report a high level of achievement across multiple key security outcomes, only 1.6% of Canadian businesses report high achievement on all top five indicators.

While breaches are the most direct performance indicator of any security program, most CISOs (Chief Information Security Officers) Bell surveyed found performance against compliance requirements and the ability to retain talented staff as important indirect indicators.

So, what is the recipe for security success?

Notably, success is often not determined by budget. Reinforcing findings from the 2022 study by IDC which Bell participated in, organizations with the largest security budgets are not necessarily more secure. Other factors identified in this study matter more. While many of the factors Bell identified may require dollar investment as well as time, optimized resource allocation trumps total budget size.

Organizations with well-defined security governance outperform their peers. To be most successful, security governance is a process that ideally takes a collaborative approach across the business. In part because executing well on technical guardrails (e.g., configuration management, policy as code, access management, etc.) relies on agreed-upon risks, boundary lines and responsibilities from across the organization.

It might seem counterintuitive, but the only governance factor found to coincide with a significantly reduced likelihood of reporting a breach was a mentality among business leaders to embrace change and be open to taking risk. Being open to change (and calculated risk) can mean the early adoption of new technologies, improved employee morale, and other factors that reduce the risks of a breach.

Quotes

"A highly skilled team with a well-connected cross-enterprise collaborative approach is critical to the success of an enterprise security strategy," said Costa Pantazopoulos, VP Product at Bell. "This is particularly important for cloud security controls, such as configuration management, which can be more challenging to fully automate."

The full report can be found at Bell.ca (https://solutions.bell.ca/l/123192/2023-10-20/xj9kyy).

About the survey

Bell hired a professional survey firm, Maru Group, to conduct a stratified random sample of 402 security professionals working for organizations in Canada. Response targets were set to achieve a balance of respondents representing different industries, provinces, and organization sizes. Quality checks eliminated some responses, leaving a final sample of 383 for this analysis.

About Bell Security

The threat landscape is changing. New technologies and evolving threats make cybersecurity more complex and challenging than ever before. Bell understands that your business success and customer trust rely on a solid security foundation. We offer protection against the growing sophistication of advanced threats. With a full suite of managed and professional services, Bell solutions provides insight into the security of your cloud services, data, network, and devices.

For more information on Bell Security Solutions, visit Bell.ca/cybersecurity. 

About Bell

Bell is Canada's largest communications company¹, providing advanced broadband wireless, TV, Internet, media, and business communication services throughout the country. Founded in Montréal in 1880, Bell is wholly owned by BCE Inc. To learn more, please visit Bell.ca or BCE.ca.

Through Bell for Better, we are investing to create a better today and a better tomorrow by supporting the social and economic prosperity of our communities. This includes the Bell Let's Talk initiative, which promotes Canadian mental health with national awareness and anti-stigma campaigns like Bell Let's Talk Day and significant Bell funding of community care and access, research and workplace leadership initiatives throughout the country. To learn more, please visit Bell.ca/LetsTalk.

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1 Based on total revenue and total combined customer connections.

 

Media inquiries
Audrey Hood
audrey.hood@bell.ca

Investor inquiries
Richard Bengian
richard.bengian@bell.ca 

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SOURCE Bell Canada

FAQ

What are the key factors for security success in Canadian businesses?

Key factors for security success include well-defined security governance and embracing change.

What percentage of Canadian businesses report high achievement on all top five security indicators?

Only 1.6% of Canadian businesses report high achievement on all top five security indicators.

How does security governance contribute to security success?

Organizations with well-defined security governance outperform their peers.

Does embracing change reduce the likelihood of reporting a breach?

Yes, embracing change and taking calculated risks reduces the likelihood of reporting a breach.