Importance of Information Security in Business
Spending on information security, whether it be products or services, is going to reach over $114B by the end of 2018. Much of this is due to Europe’s new regulations with the recently enacted Global Data Protection Regulation (GDPR), while some of this development comes from the fact business are realizing the security risks they have with their data. With this realization, at least 40% of businesses are looking in to security software as well to mitigate risk. Specifically, companies are looking at security information and event management (SIEM) software.
Within our society, technology is pervasive and it will only continue to become more integrated into our daily lives. We see Internet of Things (I.0.T) technologies become more common place whether it be a simple house Roomba, a fridge, or a garden bench. All these technologies gather our data. It is clear information is power, especially with how much spending companies are doing to protect not only their own data, but their customer data. With that in mind, spending on information security is going to have to continue to grow as more of our lives become digitized.
Not only is spending going to have to increase, but company education of cyberthreat issues will have to become more commonplace. People will have to be constantly trained on the latest types of attacks and how to better protect themselves from it. Investing in software to protect the company is only part of the challenge, the other half is becoming proactive and getting ahead of the attack curve. Information Security is a forever evolving subject. While you can have the best and the latest software, if you cannot teach your employees proper cyber safety, there are more unpredictable threats there and therefore more risk.