Compliance demands drive security spending
poll of corporate executives published on Monday found that companies are increasing spending on security to satisfy legislation -- not necessarily because their chief executive have seen the light.
The study of 7,500 senior information technology executives found that 62 percent of companies will increase security spending in 2003, compared with 50 percent in 2002. The top reason for the increase in funding security programs was to satisfy legislation such as the Sarbanes-Oxley Act, which holds executives accountable for their company's disclosures.
"Sarbanes has had an impact; there is no doubt about it," said Joe Duffy, lead partner of accounting firm PricewaterhouseCoopers' Security & Privacy Solutions practice. Duffy believes that executives want greater assurances from their IT departments that their systems are secure and can be audited.
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