CIO’s agenda in 2016: Spend more on security to stop data leaks, Bitdefender reports | mb.com.ph | Philippine News
Home  » Business » Business Tech » CIO’s agenda in 2016: Spend more on security to stop data leaks, Bitdefender reports

CIO’s agenda in 2016: Spend more on security to stop data leaks, Bitdefender reports

Bitdefender Business Insights blog reports that according to a recent survey, more than half of C-level managers define the prevention of data leaks as the main priority for their organization in 2016, with business continuity/disaster recovery resilience and identity and access management coming second and third.

C-level managers are aware that industrial processes and intellectual property are increasingly valuable for third parties, as this information can help local companies gain a foothold in new markets and acquire new customers, along with their data. Data leakage and data loss prevention have become more important than incident response capabilities, security operations (e.g., antivirus, patching, encryption) or security testing (e.g., attack and penetration), as EY’s Global Information Security Survey 2015 shows.

Data loss prevention (DLP) contains all solutions or processes that identify confidential data, tracks it as it moves in the company and prevents unauthorized disclosure of data by creating and enforcing disclosure policies. Data loss is a particularly stressful for global companies that hold a large volume of personally identifiable information in different legal jurisdictions. Sensitive data can reside on a variety of devices (i.e. physical servers, virtual servers, databases, file servers, PCs, point-of-sale devices, flash drives and mobile devices) and move through various network access points (wireline, wireless, VPNs, etc.). A variety of solutions tackle data loss, data recovery and data leaks.

“As the maturity of an organization’s cybersecurity increases, it does become easier to demonstrate the value of these investments”, the report says. “Providing more accurate cost assessments for the harm that various cyber-attack scenarios will cause can help justify continued investment and vigilance. A lot of money is wasted on unnecessary controls or equipment that do not necessarily enhance your cybersecurity maturity in the areas where it is most needed.”

Some 49% of the respondents say up to 25% more funding is needed to protect the organization in line with management’s risk tolerance in 2016. Last year, Gartner predicted worldwide information security spending will grow 4.7% to reach $75.4 billion in 2015. According to a RAND Corporation study, the cost of managing cyber-security is expected to increase 38% over the next 10 years, reaching almost $100 billion, as companies spend more on cybersecurity tools. Worldwide spending on cybersecurity has passed the $70-billion-a-year threshold and is growing 10% to 15% annually.