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Security: Spending on Cybersecurity Shoot Upwards, but Some Say Spending is Still Not Enough
Businesses are spending billions of dollars to secure their electronic information. More specifically, Gartner says that globally $96 billion will be spent in 2017 on security products and services,an 8 percent increase over spending in 2017, and Gartner says that their spending forecasts have been adjusted upwards from previous estimates as businesses increasingly worry about the possible losses that could occur from loss of data.
Despite this big uptick in spending though, it may not be enough. Ilia Kolochenko, CEO at High-Tech Bridge, said that “in light of the ubiquitous penetration of all types of technology into our everyday life, skyrocketing attacks against SCADA (Supervisory control and data acquisition), and emerging IoT botnets, the growth of worldwide security spending seems to be very slow and inadequate to cover at least the most important risks.”
Ruggero Contu, research director at Gartner, said that “overall, a large portion of security spending is driven by an organization’s reaction toward security breaches as more high profile cyberattacks and data breaches affect organizations worldwide. Cyberattacks such as WannaCry and NotPetya, and most recently the Equifax breach, have a direct effect on security spend, because these types of attacks last up to three years.”
But then again, money isn’t everything and just because a lot of money is spent on security, it doesn’t mean that all hackings will be prevented. Organizations need to be smarter in how they configure and set up their systems. Benoit Dupont, professor of criminology at the University of Montreal, said that “everyone is hacking into everything. Even the most secure, aware organizations like the top intelligence agencies in the world get hacked.” Spending on security is good, but the way that both networks, data repositories, and security systems are setup and designed are equally important.
