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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.