Expected Rise In Information Security Spending Does Not Warrant A Safer Future

Security remains a critical aspect of online communication and information gathering. Most of the companies around the world continue to use ill-advised solutions to protect consumer data and end up failing miserably. A new wave of information security spending will sweep the world in the coming years. Analysts even predict that the total spending on security will surpass US$100bn by 2020.

Information Security Is Costly But Necessary

Many companies around the world are looking for cost-cutting measures during these harsh financial times. Unfortunately, security is the first area from which most of the costs will be cut. This has created a more than welcome ecosystem for hackers and online criminals looking to steal customer data. It is not surprising that the number of data breaches has been on the rise in recent years, mostly due to companies using sub-par security measures.

While there is a lack of budget to blame in a lot of cases, it is evident that enterprises will have to start investing in information security. The number of existing, emerging, and undiscovered threats continues to grow larger every single day. Standing still is not a viable strategy when it comes to information security, as that will almost certainly lead to a hack or data theft.

It has to be said that enterprises have been spending a lot of money on security alone this year. With over US$73bn invested in new security measures, things are looking somewhat positive, but it takes a lot more than just throwing money at things in the hope that they will work.  There is an educational aspect to take into consideration as well.

According to new estimates by the IDC, that security spending could surpass the US$100bn mark by 2020. In fact, their research shows that security spending will significantly outpace overall IT spending, which is somewhat strange. Then again, it is time to take security more seriously, as the number of Internet-connected devices and users has never been higher than now.

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Among the “tools” enterprises are most likely to invest in are software, vulnerability management, and identity management. Fear is a driving factor for this sudden urge to start spending money on security. This is not entirely surprising given the recent number of data breaches, ransomware attacks, and DDoS campaigns, among other threats.

While spending more may seem like a solid plan, it is not a long-term solution. There is an apparent correlation between higher security budgets and the number of successful hacking attempts, as both seem to increase at the same time. More spending does not always equal better spending. Products and services that work well for one enterprise will not necessarily work for others. Customized solutions are the way to go, but it takes time to develop them.

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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