7 Must-Knows About Security Spending in 2017
Where are more than 1,100 senior security executives from around the world spending their security dollars in 2017?
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Nearly three-quarters (73 percent) of senior security executives anticipate security spending increases in the next 12 months, up from 58 percent last year.
The increased spending comes as 26 percent of respondents said that their organization have experienced a breach in the past year, up from 21.7 percent in 2016.
Compliance concerns are driving security spending. Forty-four percent of respondents said that compliance is the top driver for increased security spending. Security spending to implement security best practices was the second most popular driver for increased spending, according to 38 percent of respondents.
Seventy-six percent of organizations in healthcare services are planning to increase security spending while 78 percent of financial services organizations said the same. In retail, 77 percent of organizations are set to increase security spending.
“The sobering news is that the spending still favors old habits-spending on network and endpoint security once again top the list,” according to the report. “What’s more surprising – is that planned spending on these two areas also showed the largest year over year increases of any security category (network security +13.7%; endpoint security +12.3%)
“So not only do network and endpoint security still dominate spending plans, they also appear to be widening the gap with other security categories – despite being ranked least effective, at least in the case of endpoint security.”
Complexity continues to be the top barrier to more aggressive adoption of data security solutions, according to more than half of respondents (50.4 percent). Lack of staff is another barrier, with 36 percent of respondents citing it as a reason to stall security spending.
Security spending in Brazil and Germany are set to rise the most. Eighty-five percent of respondents from Brazil said their organizations would increase security spending next year, up from 73 percent last year, and in Germany, 80 percent compared to 63 percent last year.
Respondents said that in terms of the security techniques and solutions they are planning to implement next year, encryption and bring your own encryption key topped the list, with cloud access security broker in second place.
Respondents said that in terms of the security techniques and solutions they are planning to implement next year, encryption and bring your own encryption key topped the list, with cloud access security broker in second place.
Worldwide spending on security-related hardware, software and services is expected to reach $90 billion in 2018, up from $73.7 billion in 2016, according to research by IDC.
Separate findings from 451 Research and Thales, released on Thursday, have unveiled more details around what that spending could look like over the next 12 months.
If security isn’t already one of the value-added services in your portfolio, you may want to think again as you see the statistics. Flip through the slideshow to learn more about where more than 1,100 senior security executives from around the world are spending their security dollars in 2017.
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