Why are the increased investments in cybersecurity not enough to curb the relentless growth in cybercrime?
Though this specific question can cause a lot of uncomfortable and defensive reactions from security specialists and organizations everywhere, it must be asked. Traditionally, the lack of adequate budget has been the number one challenge that many cybersecurity specialists have faced in both the private and public sector. Most CISOs, CIOs and other security executives have struggled for years to get their budget requests approved, so they can put at least satisfactory safeguards in place. Therefore, with the slower growth of budgets over the years, the development of the IT industry as a whole as a been effected. Though spending has increased, the pace has effected the ability for the industry to keep up with the constantly changing landscape and rate of cybersecurity threats. The reason the problem is growing despite increased spending is that the tech industry has only begun to grapple with the magnitude and complexity of the cybercrime waves that have been and will occur.
More money, less problems?
The global spending on cybersecurity products and services for defending against cybercrime is projected to exceed $1 trillion cumulatively over the next five years, from 2017 to 2021, as per the estimates of Cybersecurity Ventures. However, it’s too simplistic to say that more money invested in security technology is the only thing that organizations need. What often gets understated is the importance of effective spending on specific security priorities. Having more tools in the organization doesn’t necessarily make managing cyber security easier. What really helps is having the right tools for the job. In this rush of getting things done fast (cybercriminals don’t wait) and as effectively as possible, some security executives may end up making the wrong choices. Not because they want to, but because they’re under a lot of pressure.
While this is a challenging situation, there lies great opportunity for companies operating in the field of cybersecurity, as they witness an increased demand for products which empower companies and institutions to fight the culprits of cybercrime. For IT, cybersecurity can seem like an uphill battle of trying to land the appropriate budgets, balance cost with quality products and creating a scalable approach that will remain flexible with evolving technology. However, what has been proven time and time again that the best philosophy in fighting cybercrime is to recognize that strong security builds upon solid foundations, core policies and processes. In other words, invest now or you’ll be investing more later.
How else can limited technology budgets be spent effectively? Check out some of our other blog posts on effectively creating a crisis plan to save time and money or the importance of creating a cybersecurity culture that efficiently uses resources.