Managing money for security

February 2018 Cyber Security

The industry at large has tightened its belts this year, and as we head into 2018 if 2017 has taught us anything then it is that we can’t afford to skimp on cybersecurity. In fact, in 2017 so many businesses have had to make do with fewer resources to combat a much wider range of vulnerabilities, however, new threats are emerging almost daily.

According to a recent report by Gartner, the global spend for security solutions in 2017 reached $86.4 billion. According to the report, this is a 7% increase over the course of the year. Gartner predicts that this spend will increase this year, quite possibly reaching $93 billion.

“Gartner’s report also predicts that information and cybersecurity will be one of the industries that we can expect a great deal of growth. Top level executives are becoming more aware of the value of providing revenue for security, and that would include getting the right people with the right skills,” says Anvee Alderton, channel manager of Trend Micro Southern Africa.

Security solutions, however, don’t stop at the IT department. Correct training needs to be provided to staff on how to avoid breaches as well as how to make effective use of any security measures that are in place. If there is no co-operation or proper training for staff, timely application of patches and fixes may be delayed or not even happen at all.

So, before budgeting for more or different solutions, it’s vital to examine the security solutions and systems that are already in place. Instead of adding more and more, perhaps a legacy system can be modified or solutions with overlapping capabilities can be consolidated. Once that’s done, any gaps will be evident, and plans can be made to fill them.

“One of the things to look at for 2018 is whether or not you have space in your budget for the right kind of personnel to tackle security. There are not that many individuals out there at the moment with the top level kind of experience many businesses need. Salaries are a big spend, however, so make sure you bridge that gap with intelligent security solutions,” Alderton advises.

While executives pour over the security budget and decision making, it’s important to remember not to partner with many security vendors. This may seem that by having more, the business is well covered, but it is a drain on resources. A reputable security partner with a good track record may be all that’s needed.

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