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Daily reports of hacking and data breaches have become commonplace, causing company reputations to be badly stung.
Businesses that previously had not seen the value in investing in cybersecurity are now realizing that cybersecurity measures are essential component of any digital services which they offer. Cybercrime will put a drag of $441 billion on the global economy in 2016, according to a report from the World Economic Forum’s Global Risk Report.
Sean Pike, IDC’s vice president of security products, said that “today’s security climate is such that enterprises fear becoming victims of the next major cyber attack or cyber extortion. As a result, security has become heavily scrutinized by boards of directors demanding that security budgets are used wisely and solutions operate at peak efficiency.”
An IDC report estimates that spending on security hardware, software and services will grow by 38 percent over the next four years, reaching $101.6 billion in 2020.
David Burg, PwC’s U.S. and global leader of cybersecurity and privacy, said that “what’s becoming clear is that senior execs — CEOs, marketing chiefs and others who worry about digital — are turning to CISOs and saying, OK how do I solve this? It’s not can I do it. The decision to do it has already been made. How do I do this in a way that is secure and safe and minds privacy regulations. It’s an important pivot. To remain competitive, organizations today must make a budgetary commitment to the integration of cybersecurity with digitization from the outset.”