November 20, 2014 Leave a comment
This week, CIO reported that nearly a billion records were compromised in 2014. It shouldn’t be surprising, considering there seemed to be a hack or breach every week, but to see the number written out is pretty shocking. The article calls out that in the first nine months of 2014, after 1,922 confirmed incidents, criminals managed to compromise 904 million records. Many of the incidents reported in 2014 were record setting, including 20 that resulted in the compromise of more than a million records each. Many experts, including the ones here at Triumfant, have been wondering – as companies are planning their budget allocations for 2015, will security finally receive the attention (and spend) it deserves?
We recently conducted a survey to gauge security spending in relation to budgets as a whole, and the data we got back spoke volumes. The survey of security/IT professionals addressed both security spending during the past five years and current budget spend when it comes to protecting a company’s assets, employees and customers. Organizations are more concerned than ever about the security of their companies, yet 85 percent of respondents said the total spend on IT security is less than 25 percent of their total budget (with 53 percent indicating it’s less than 10 percent).
Our CEO John Prisco notes, “We are at the point where there is a major hack or a breach each week, and it’s disheartening that companies are still not putting the resources behind security. Our findings showed that when it comes to marketing, only 78 percent say spend is less than 25 percent of budget. Moving into 2015 and using what we learned over this year, those marketing dollars would be better spent proactively protecting against a breach instead of being available to cover for one after the fact.”
Additional key findings include:
- Thirty-five percent of survey takers are barely concerned or not concerned at all, about a security breach.
- While many still downplay their security concern, 56 percent of survey takers stated that budget for security resources increased during the past five years.
- More than half (59 percent) of survey respondents also said they take cyber threats more seriously than they did five years ago.
So now what? From our perspective, it’s time to say good riddance to the “year of the hack” and hope that companies take the opportunity to allocate spending toward better protecting their assets in 2015.