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Security Budgets Continue to Soar, But Is It Enough?

SecuritySecurity is now a vital concern for businesses across several industries. However, investments in privacy and defense should have been implemented years ago. With cyber crime now an international epidemic, why have so many companies waited so long to invest in cybersecurity measures? The following sheds some light on whether or not it’s too late to invest in cybersecurity.

Cybersecurity Is an Increasing Concern

Cybersecurity is a growing concern for many businesses, and the number of high-profile breaches continues to grow each year. In 2015, there were approximately 781 data breaches across the U.S. – the second highest year on record for security invasions. According to industry monitors, 40% of those breaches happened entirely in the business sector.

With this in mind, industry experts have predicted mass-scale investments in cybersecurity for 2017. Here are a few statistics based on Business Insidermagazine and other industry publications:

  • An estimated $655 billion will be invested in cybersecurity measures between 2015 and 2020.
  • Nearly $2.77 trillion in security investments was estimated for 2016 – far above the $75.4 billion in spending that took place in 2015.
  • These numbers suggest that businesses are just now catching on to the importance of cybersecurity.

Are Recent Security Investments Enough?

Are these recent security investments enough to combat the rising number of intrusions? According to Radware, companies that are only now investing in cybersecurity protocols are way behind. This is due to new threats that are evolving at rapid rates, so much so that even the latest security applications and programs are not able to contest new strains of malware, adware, and other viruses.

Companies cannot afford to sit around and wait for the next best cybersecurity solution. Industry experts recommend the following:

  • Never procrastinate when it comes to protecting enterprise hardware, software, applications, and general infrastructure.
  • Work with leading vendors to develop a sound and proactive security platform that can combat prior and new threats.
  • Strong security platforms are based on solid foundations; core policies and processes for data availability, integrity, access, and confidentiality must be in place.

 

The Rising Costs of Security

IBM recently estimated that the average cost of security breaches in 2016 was $4 million. This was up from $3.8 million in 2015 – and is slated to grow even more in 2017. With this in mind, businesses have to stop scrambling with last minute endeavors to protect corporate data. They simply need to agree on one comprehensive and cohesive security platform that will prevent massive revenue losses.

The longer businesses wait to implement cybersecurity initiatives, the more susceptible they will be to digital intrusions. It will also be harder for them incorporate security measures in the future, especially if infrastructure has already been jeopardized.

Cloud Security: It’s Actually Real!

Cloud securityBreaches in data security can be scary. Surprisingly, compromised information doesn’t just pertain to consumer transactions (like the recent one at Target); it can involve sensitive patient information and other private data that’s supposed to be protected from criminal activity.

As these trespasses have occurred in the cloud, it has contributed to the misconception that somehow storing information in the cloud is risky. People erroneously believe that the cloud lacks “real” security. If the cloud were secure, the fact that at least 90% of healthcare organizations have had exposed or stolen patient information wouldn’t exist, right?

Wrong. Often these types of security breaches initiate from internal devices that distribute malware among other devices because they lack intrusion detection and prevention systems (IDPS). In other words, the security breaches happened because internal controls were lacking after the initial perimeter was penetrated.

Understanding Cloud Security

The public cloud is basically just storage, data and program execution through a data center that isn’t owned by the user. Options like NaviSite or RapidScale allow businesses to upload their data to a center that offers incredible scalability and accessibility.

But these providers also specialize in data security. In fact, they have the tools and security protocols in place to repel the constant bombardment of viruses, hackers, and other cyber-attacks.

Imagine a massive treasure vault. All those precious items located inside twenty feet of solid steel and concrete walls. But when a thief finally digs through the wall, he realizes that another, thicker wall is located behind the first. If he gets through that one, he discovers that another wall protects the treasure, and so on, and so on. This is how cloud security works.

Misconceptions

Yet, many business owners still feel that their data is somehow safer when it’s housed on their premises. That somehow having possession of a physical data center for storing information is more secure than utilizing a reliable cloud service provider.

Consider the previous ‘vault’ comparison. If inadequate IDPS is involved, the business is actually at greater risk to theft because once the first wall has been breached, the treasure is gone—metaphorically speaking, of course. But literally, if a business operates with a single firewall, that’s exactly what can happen.

Using a reputable cloud data center to store information is often superior to physical locations because of the services provided. Basically, once information gets connected to the Internet, having the data center close at hand really doesn’t matter. Having an expert staff who knows the latest and best cyber-security protocols, and who can react swiftly and ruthlessly to any threats is the best defense.

What’s Next?

Will any and all providers offer the same cloud protections and solutions? Of course not. But what a reputable service provider does offer is layers of firewall defenses and a professional staff who are attuned to virtual security and specialize in protecting information.

As technology advances, so will cyber crime. But business owners don’t have to be timid about cloud data centers, they just need a strategy. And just like every aspect of business, if the service is confusing or unknown, talk to an expert to find out more.