The facts you must know from the Thales Data Report
In the world of cybersecurity, the annual Thales Data Report is an invaluable resource providing us a glimpse of the current landscape as a whole. And while everything in the report is important information, the following findings stood out most.
IT security spending continues to increase
For the fourth consecutive year companies continue to increase their IT security spend. This year’s report finds that 78 percent of global organizations plan to increase their spending in this area during the next year. Last year 73 percent reported the same. Here in the U.S., increased funding toward IT security is even more aggressive, with 86 percent reporting they plan to increase their financial commitment.
At the same time, security breaches have also increased
While firms are spending more money than ever before, the spend is necessary in response to an increased threat. According to the report, 36 percent of global firms report that their security was breached in the last year. This statistic represents a 10 percent increase from the year before. In the U.S., 46 percent reported suffering a breach, nearly double last year’s 24 percent. In all, 67 percent of companies across the globe — and 71 percent of American companies — report suffering a breach at some point in their history.
Companies are thinking financially
This year’s report marked the first time companies reported their desire to avoid the financial penalties associated with an instance of a data breach — along with the use of cloud technology — as the top motivations behind their increased IT spend.
Encryption is still king
Research results show companies still overwhelmingly favor encryption as their choice for private and compliance-sensitive material. In fact, encryption was found to be twice as popular as the second most commonly used feature, tokenization.
A multi-cloud strategy goes a long way
More than 84 percent of respondents report seeking more than one provider when it comes to their LaaS providers. In addition, 34 percent report they are using more than 50 SaaS applications. However, while cloud providers are offering more security features than ever before, companies still play a vital role in shoring up cybersecurity on their end.
Feelings of vulnerability remain high
Given the increase in security breaches, both personally experienced and seen in media reports, it’s not surprising that many companies still feel vulnerable to cybersecurity attacks. In all, 44 percent of global respondents reported feeling “very” or “extremely” vulnerable to security threats. In the U.S., 53 percent reported feeling the same. These are sharp increases from the 30 percent and 29 percent, respectively, that felt the same last year.
Capitalizing on the latest trends
Every year the Thales Data Report presents essential information about the state of cybersecurity across the globe, and in this blog we merely scratched the surface of the information offered in this resource. If you have any questions about your own cybersecurity needs, don’t hesitate to contact us today.