Spending on cybersecurity is hitting record highs. And that makes sense. Because of big changes in how work gets done (plus the rising cost of breaches and attacks, like ransomware), companies are spending more than ever. But simply throwing money at the problem in order to try to become more cyber resilient is not a solution.
It’s time to think about exactly where and how you’re directing new spending. Let’s explore how to focus on the future and advanced security tech and strategies.
Why Spending Is Rising
According to McAfee, cybercrime cost more than $1 trillion in 2019. Canalys estimates a 10% rise in cybersecurity spending this year. And Gartner says security spending will rise 12% in 2021 over the previous year, reaching $150 billion!
Why? First, higher costs come with the shift to remote and hybrid workforces. And security is usually top of mind when businesses and agencies work on becoming cyber resilient. Defending and following regulatory demands around the cloud can also increase costs. Gartner says that while spending is rising across all relevant vendor areas, some — like apps, the cloud and, above all, hardware support, implementation and outsourced services — take the bulk of the cash.
The truth is that spending is on the rise because it’s clear that not doing so can be expensive both in terms of actual finances and the company’s ..
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