The Continuous Threat Visibility and Cyber Management Threat Services report from Ovum Research highlights that while the number of recent cyber attacks has increased by 40%, over a third of the companies surveyed continued to rely on basic cyber protection tools. It also shows that while there has been a significant increase in cyber security spending, the tangible benefits of increased cyber protection are proving difficult to measure.
Key messages of the report include:
- – Security teams continue to use last generation tools to address next generation problems.
- – Cybersecurity spending continues to rise, but the expected benefits are failing to materialise.
- – Security managers must now deal with an ever-changing threat landscape.
- – All companies are suffering a shortage of affordable and skilled cyber security professionals.
- – Most larger enterprises have outsourced some of their security services to a trusted MSSP.
Significant increase in cyber security spending
Ovum Research reports that companies are spending more each year on cybersecurity tools without seeing measurable returns on their investments. Annual spending growth rates are expected to be between 8.9% and 12% with spending in the global software security market set to reach $40bn by the end of 2018.
Next generation cyber tools
The increasing number and sophistication of cyber attacks is driving a strong interest in the use of new technologies, including artificial intelligence (AI), machine learning (ML), and network traffic analytics (NTA). Companies are expressing a preference for these tools because of their ability to identify attacks earlier, reduce resolution time, mitigate further risks, and improve the protection of business systems and networks. They also deliver real-time reporting which makes it significantly easier for a CISO to justify the increase in spending to the board.
Vicious Circle Drives Outsourcing to MSSP’s
But the effective use of advanced cyber security tools is being inhibited by the lack of knowledge and skills of existing in-house staff. Which in turn, has significantly increased the cost of training or hiring new and more expensive personnel. This ‘vicious circle’ limits the deployment of new technology and reduces the ability to deal with new cyber threats. Ovum confirms that this trend is driving growth in the outsourcing of services to a trusted Managed Security Service Provider (MSSP).
Wizard Cyber is a Managed Security Service Provider (MSSP) and we are known for our flagship range of CYBERSHIELD MDR services. Functioning as your 24/7 cyber security operations centre, CYBERSHIELD MDR helps mitigate risk by continually monitoring critical IT infrastructure, endpoint and user activity. Suspicious threats are detected using advanced behavioural analytics and immediate remediation action is taken as required.