Businesses understand the importance of cyber security, and most are taking steps to ramp up their protection game. In fact, the International Data Corporation has projected worldwide spend on cyber security software, hardware, and services will reach $101.6 billion by 2020. That’s a 38% increase from the $73.7 spent in 2016.
But cyber security is changing more than just budgets in the business world. Here are three ways companies are changing their business operations and models to improve cyber security.
- IT is taking a more prominent place in the Core Business. Gone are the days of a basement IT crowd whose main job was to tell you to try turning your computer off and back on again. With cyber security’s heightened priority, IT is taking a more prominent place in the core business. Hacks can stop business operations, harm corporate image, and of course, cost million of dollars – proving cyber security is way more than an IT problem.
IT departments are starting to align security spending with business objectives, proving that security isn’t a cost; it’s an investment. Savvy business leaders rope their tech team into operational planning, using the department as a business partnership to achieve goals. If a business is serious about succeeding, they’re getting serious about cyber security.
- Regulations are rising. The first compliance date for the New York Department of Financial Services’ cyber security regulation was last August. This legislation was the first of its kind in the nation, requiring financial institutions to report attempted data breaches, hire a CISO to handle employee cyber security, and enforce their third-party providers to improve security as well. Though not as extensive as the New York regulation, 42 states introduced 240+ cyber security bills or resolutions in 2017 according to the National Conference of State Legislatures.
On a global scale, China and Singapore have similar regulations, and the EU adopted extensive regulation with the GDPR in 2016. Many of these bills impact not just native businesses, but companies who do business in that country. With the increase in regulation, businesses need to change structures, communications, and policies to stay compliant. Companies need to invest in a robust legal team that can handle managing the upcoming regulations that will affect their operations.
- Subscription software is the new norm. By 2020, more than 80% of software will be sold via subscription, rather than the traditional model of licenses and maintenance, according to Information Week. This drive makes sense from a bottom line perspective, but also from a cyber security perspective. The longer the same software is in use, the more time hackers have to expose and exploit its vulnerabilities. With a subscription model, the software is always current, making it more secure.
Thanks to the cost-saving benefits of subscription software, businesses can use the extra budget room to implement more cyber security measures or invest in new data protection services. IT is embracing the subscription software model, and it’s having rippling effects across the entire business.
As cyber security becomes more of a concern, businesses are changing to prioritize it. Spending is adjusted, objectives are aligned, and services are adapted to keep businesses secure, and therefore more successful.
2023 Preparedness Checklist: Ensure Your Workforce Is Productive and Secure
This guide will help you understand where there are opportunities and risks in your workforce, and what you can do to make sure 2023 is as secure and productive as possible with workforce behavior analytics.