The State of Innovation 2024 | Must Read TABLE 3: Do you have multi-factor authentication implemented across your systems? Everywhere Most About Half Some None I Don’t Know/Other PPAI 100 Distributors 69% 21% 0% 10% 0% 0% Distributors $100M+ 67% 33% 0% 0% 0% 0% Distributors $50M-$100M 70% 20% 0% 10% 0% 0% Distributors $25M-$50M 88% 0% 0% 13% 0% 0% Distributors $5M-$25M 62% 19% 0% 19% 0% 0% Distributors $1M-$5M 63% 13% 13% 13% 0% 0% Distributors Under $1M 8% 28% 8% 20% 28% 8% “In a world gone technologically crazy, this is going to become as important if not more than locking your doors before you leave,” Brown says. “It’s quite comparable, as your data should be behind lock and key, shouldn’t it?” TABLE 4: Do you have a cybersecurity rating from an external provider such as SecurityScorecard? Yes No I Don’t Know/ Other PPAI 100 Distributors 32% 23% 25% Distributors $100M+ 53% 18% 18% Distributors $50M-$100M 20% 10% 30% Distributors $25M-$50M 38% 13% 25% Distributors $5M-$25M 20% 40% 28% Distributors $1M-$5M 0% 75% 0% Distributors Under $1M 4% 71% 25% Only distributors generating more than $100 million in revenue have at least half of respondents reporting that they have a cybersecurity rating. “Smaller distributors have a tough time, but even the larger ones aren’t all dialed in,” says John Papa, president of Connecticut-based distributor John Michael Associates. TABLE 5: What percentage of your infrastructure and applications are cloud-based? 81% or More 61% to 80% 41% to 60% 21% to 40% 1% to 20% 0% PPAI 100 Distributors 67% 14% 7% 7% 3% 0% Distributors $100M+ 56% 28% 0% 6% 6% 0% Distributors $50M-$100M 50% 20% 20% 10% 0% 0% Distributors $25M-$50M 88% 0% 0% 0% 13% 0% Distributors $5M-$25M 65% 8% 12% 8% 8% 0% Distributors $1M-$5M 100% 0% 0% 0% 0% 0% Distributors Under $1M 46% 4% 4% 4% 17% 13% “I would have thought the percentages would be higher,” Papa says. Brown echoes that sentiment. “I still believe the reason some struggle with this concept is because they can’t physically see the cloud,” she says. “Oddly enough, I think that’s the idea, so that no one can steal your data.” PPAI • OCTOBER 2024 • 37
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