US companies lead the world in IT security

US companies lead the world in IT security

With the significant amount of time and money spent on IT security in the United States, it's no small wonder that the country leads the world in security preparedness, according to a new Lloyds of London study.

The Risk Index 2011 shows that firms in the United States put data security as their fourth highest priority, whereas the same worry is 20th overall in Asia-Pacific and 14th in Europe. Constantine Von Hoffman writes on CIO that this is a reflection of the other worries businesses have, such as a shortage of skilled workers, which is affecting the Asian and European markets.

"American businesses aren’t just worried about cyber risk but they’re doing something about it as well," Von Hoffman said, adding that the cost of cyber breaches ends up being $96 billion in the United States alone. "U.S. companies ranked their preparedness for malicious cyber attacks far ahead of businesses elsewhere in the world.

Lloyd's CEO Richard Ward said it's encouraging to see the U.S. copaniesso aware of security issues, as they will have to work together to develop strong security solutions and keep each other accountable for being in compliance with set standards.