Security Spending Decisions Leave Sensitive Data Vulnerable
Data sovereignty has become a hot topic in light of concerns about new regulations, and government snooping and how is the world of data security and encryption changing? With each new computing paradigm shift – Cloud, Big Data, IoT etc. -come new capabilities and possibilities – along with new security vulnerabilities to be exploited.
It’s no wonder that the security industry overall now tallies in excess of 1,400 vendors by 451 Research’s count, with as many as nine new startups per month and roughly 10 new security categories created each year. Encryption was identified as the clear choice (64%) to satisfy local data privacy laws such as the EU’s recently approved General Data Protection Regulation (GDPR). Tokenization (40%) is listed as a distant second, while migrating data to jurisdictions or choosing local cloud providers are at the very bottom of the list. The report notes that 68% of respondents have experienced a data gap, while 26% have done so in the past year. Both figures have increased during the last twelve months and, paradoxically, total spending on security has also increased (15% in the last year). According to the report, in 2017 (73%) of organizations have increased their spending on IT security, a significant jump over 2016 (58%).
Key Findings:
- More than two in three respondents (67.8%) said their organizations have been breached.
- The overwhelming majority of respondents still feel some degree of vulnerability to data threats.
- Data sovereignty has become a hot topic in light of concerns about new regulations, and government snooping.
Driven by escalating cyber attacks, traditional insider threats, privacy requirements and data residency regulations, enterprises around the world are facing increasing pressures to protect their data and reduce the exposure of their organizations to data related risks.
“Global and industry regulations can be demanding, but firms should consider moving beyond compliance to greater use of encryption and BYOK, especially for cloud and other advanced technology environments.”
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