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Cybersecurity: Impact on Innovation 09.20.13

SVB Cybersecurity Impact on Innovation Report

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Page 1: SVB Cybersecurity Impact on Innovation Report

Cybersecurity: Impact on Innovation

09.20.13

Page 2: SVB Cybersecurity Impact on Innovation Report

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

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Page 3: SVB Cybersecurity Impact on Innovation Report

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Most tech and healthcare companies believe cyber attack is a serious threat to their data and overall business

Pulse 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

Page 4: SVB Cybersecurity Impact on Innovation Report

Pulse Survey: Cyber Security Results 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

“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

Page 5: SVB Cybersecurity Impact on Innovation Report

Pulse Survey: Cyber Security Results 5

Nearly half of respondents say resources devoted to the problem have increased

“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

Page 6: SVB Cybersecurity Impact on Innovation Report

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Most common resource investments focus on active response to cyber attacks vs. infrastructure enhancements

Pulse 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

Page 7: SVB Cybersecurity Impact on Innovation Report

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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

Page 8: SVB Cybersecurity Impact on Innovation Report

Pulse Survey: Cyber Security Results 8

Media attention has affected clients’ perceptions of cybersecurity

“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

Page 9: SVB Cybersecurity Impact on Innovation Report

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

Page 10: SVB Cybersecurity Impact on Innovation Report

Sector Focus

Page 11: SVB Cybersecurity Impact on Innovation Report

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Most sectors are devoting more resources to cybersecurity; this is more pronounced among software clients

Pulse Survey: Cyber Security Results

Source: Silicon Valley Bank

Page 12: SVB Cybersecurity Impact on Innovation Report

Pulse Survey: Cyber Security Results 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%)

Source: Silicon Valley Bank

Page 13: SVB Cybersecurity Impact on Innovation Report

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

Page 14: SVB Cybersecurity Impact on Innovation Report

Pulse Survey: Cyber Security Results 14

Software clients are more confident in security of their own information and less confident in security measures of their partners

Source: Silicon Valley Bank

Page 15: SVB Cybersecurity Impact on Innovation Report

Pulse Survey: Cyber Security Results 15

All subsectors have been influenced by the media to some degree; this is more pronounced among software companies

Source: Silicon Valley Bank

Page 16: SVB Cybersecurity Impact on Innovation Report

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Software companies are more likely to store company data in the cloud

Pulse Survey: Cyber Security Results

Source: Silicon Valley Bank

Page 17: SVB Cybersecurity Impact on Innovation Report

Pulse Survey: Cyber Security Results

Over half of companies (56%) say cybersecurity is at least a component of their offering

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Source: Silicon Valley Bank

Page 18: SVB Cybersecurity Impact on Innovation Report

Pulse Survey: Cyber Security Results 18

Survey Methodology

Online survey conducted between July 16-29, 2013216 surveys were taken62% CEO, 27% other C-level, 8% Other

About Silicon Valley BankSilicon 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.

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