45% Rise in Telco Security Incidents and Losses

Anyone interested in information security should read PwC’s new report: Global State of Information Security Survey 2016. It is full of facts and figures, and there are special summaries for different sectors, including telecoms, technology, media, and utilities. However, telco CISOs may want to sit down before they start reading, because some of the numbers may turn their knees to jelly. Here are six key takeaways from the report.

  1. Telcos reported a 45 percent rise in the number of information security incidents detected, compared to the previous year. The financial losses that resulted from these incidents also grew by percent 45 percent.
  2. There was a 25 percent year-on-year rise in the number of incidents where customer data records were compromised.
  3. The increased number of detected incidents may be partly explained by improvements to security. 93 percent of telcos have implemented a risk-based security framework, and information security budgets were up 37 percent compared to last year.
  4. As with previous years, most security incidents were blamed on former or current employees. However, there was a sharp rise in the number of incidents linked to suppliers.
  5. 68 percent of telcos have an IoT security strategy or are working to develop one.
  6. Security also represents a business opportunity. Across all sectors, 69 percent of businesses employ cloud-based cybersecurity services and 59 percent enhance their security through the use of Big Data analytics.

PwC’s report can be freely downloaded, without needing to register first. You can obtain your copy from here.

Eric Priezkalns
Eric Priezkalns
Eric is the Editor of Commsrisk. Look here for more about the history of Commsrisk and the role played by Eric.

Eric is also the Chief Executive of the Risk & Assurance Group (RAG), a global association of professionals working in risk management and business assurance for communications providers.

Previously Eric was Director of Risk Management for Qatar Telecom and he has worked with Cable & Wireless, T‑Mobile, Sky, Worldcom and other telcos. He was lead author of Revenue Assurance: Expert Opinions for Communications Providers, published by CRC Press. He is a qualified chartered accountant, with degrees in information systems, and in mathematics and philosophy.