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SVB Cybersecurity Impact on Innovation Report

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In a survey of U.S. technology and healthcare executives nationwide, Silicon Valley Bank found that companies believe cyber attacks are a serious threat to both their data and their business …

In a survey of U.S. technology and healthcare executives nationwide, Silicon Valley Bank found that companies believe cyber attacks are a serious threat to both their data and their business continuity.

Highlights
- 98% are maintaining or increasing resources devoted to cyber security
- 50% are increasing their cyber security resources, preparing for when, not if, cyber attacks occur
- Just 35% are completely or very confident in the security of their company information, and only 16% feel the same about their business partners

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  • 1. Cybersecurity: Impact on Innovation 09.20.13
  • 2. Highlights  Cybersecurity is seen as a serious threat across all industries: 93% of respondents indicate that cybersecurity is a priority  Almost half (46%) indicate that media has affected their perceptions of cybersecurity  Most respondents are relatively confident regarding the security of information they possess but less confident about their partners such as vendors and customers  Nearly half say resources devoted to cybersecurity have increased this year  Small and mid-size tech companies are now focusing more on measures to respond to inevitable cyber attacks — monitoring, preventive policies, training and staffing — than on preventive infrastructure  Over half of companies say cybersecurity is a key offering or component of product offering  Over half of respondents storing information privately, and show lower appetite for storing information in public cloud  Software is most confident about using the public cloud  Software firms are equally concerned about business interruption as IP loss, while hardware and cleantech companies are more concerned with IP loss 2
  • 3. Most tech and healthcare companies believe cyber attack is a serious threat to their data and overall business 3Pulse Survey: Cyber Security Results “Way too much resource must be spent managing and defending, which prevents time better spent on innovation and growth. Very sad state for the technology community”. CEO, Big Data Company Source: Silicon Valley Bank
  • 4. Only 35% of companies are completely/very confident regarding the security of their own information and are less so when it comes to protective measures of business partners Pulse Survey: Cyber Security Results 4 “I believe it will be an ever-increasing concern and challenge. We are particularly concerned about foreign states who attempt to hack into our businesses.” - CEO, Consumer Electronics Company Source: Silicon Valley Bank
  • 5. Nearly half of respondents say resources devoted to the problem have increased Pulse Survey: Cyber Security Results 5 “It's a constant battle that won't go away and we are now spending more to protect ourselves from when we are hacked than to try and keep from being hacked.” - CEO, Financial Technology Company Source: Silicon Valley Bank
  • 6. Most common resource investments focus on active response to cyber attacks vs. infrastructure enhancements 6Pulse Survey: Cyber Security Results “Cybersecurity is a losing battle if a sophisticated hacker wants your data. The best you can do is minimize vulnerabilities, educate the executive team to care, implement and monitor policy.” - CEO, Financial Technology Company Source: Silicon Valley Bank
  • 7. 7 Over half of companies (56%) say cybersecurity is at least a component of their offering Pulse Survey: Cyber Security Results “Cybersecurity is an important issue, and needs to be integrated into every aspect of the running of the company. Companies need to take…disaster recovery, risk assessments as well as regular audits seriously.” - CEO, Enterprise Applications Startup Source: Silicon Valley Bank
  • 8. Media attention has affected clients’ perceptions of cybersecurity Pulse Survey: Cyber Security Results 8 “Although there is a lot of useless media hype, cybersecurity is important and should never be ignored. For the foreseeable future, cyber attacks will be a daily constant for any company with an Internet presence.” - CEO, Hardware /Cleantech Startup Source: Silicon Valley Bank
  • 9. Company information is more likely to be stored privately or using some combination of a private/public cloud Pulse Survey: Cyber Security Results 9 “Data security is and always will be an important part of technology infrastructure. The cloud is not a silver bullet.” CEO, IT Services Startup Source: Silicon Valley Bank
  • 10. Sector Focus
  • 11. Most sectors are devoting more resources to cybersecurity; this is more pronounced among software clients 11Pulse Survey: Cyber Security Results Source: Silicon Valley Bank
  • 12. Software companies more likely than hardware/cleantech or healthcare to consider a cyber attack a serious threat in terms of business interruption (58% vs. 47% and 41%) Pulse Survey: Cyber Security Results 12 Source: Silicon Valley Bank
  • 13. 13Pulse Survey: Cyber Security Results Cleantech/hardware companies more likely than software or healthcare to consider a cyber attack to their data/IP a serious threat (69% vs. 58% and 60%) Source: Silicon Valley Bank
  • 14. Software clients are more confident in security of their own information and less confident in security measures of their partners Pulse Survey: Cyber Security Results 14 Source: Silicon Valley Bank
  • 15. All subsectors have been influenced by the media to some degree; this is more pronounced among software companies Pulse Survey: Cyber Security Results 15 Source: Silicon Valley Bank
  • 16. Software companies are more likely to store company data in the cloud 16Pulse Survey: Cyber Security Results Source: Silicon Valley Bank
  • 17. Over half of companies (56%) say cybersecurity is at least a component of their offering Pulse Survey: Cyber Security Results 17 Source: Silicon Valley Bank
  • 18. Survey Methodology  Online survey conducted between July 16-29, 2013  216 surveys were taken  62% CEO, 27% other C-level, 8% Other Pulse Survey: Cyber Security Results 18 About Silicon Valley Bank Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 27 U.S. offices and six international operations. (Nasdaq: SIVB) www.svb.com. Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System. ©2013 SVB Financial Group. All rights reserved. Silicon Valley Bank is a member of FDIC and Federal Reserve System. SVB>, SVB>Find a way, SVB Financial Group, and Silicon Valley Bank are registered trademark.

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