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Digital Identity, Security & Online Fraud

Security report: security-spending to leave sensitive data vulnerable

Monday 30 January 2017 | 10:15 AM CET

Thales, a data security specialist, has revealed that both breaches and security spending were up in 2016.

Still, despite rise in breaches, companies still prioritizing network and endpoint solutions over encryption. The report was issued in conjunction with analyst company 451 Research, and it revealed that 68% percent of respondents have experienced a breach in 2016 and that in 2017 73% of organizations increased IT security spending – a marked jump from 2016 (58%).

The report polled 1,100 senior IT security executives at large enterprises around the world and indicates an ongoing disconnect between the security solutions organizations spend money on and the ability of those solutions to protect sensitive data. While 30% of respondents classify their organizations as ‘very vulnerable’ or ‘extremely vulnerable’ to data attacks, the two top spending priorities are network (62%) and endpoint (56%) protection solutions. Counterintuitively, spending on data-at-rest solutions (46%) comes last.

Commenting on these results, Shane Stevens, Director of Omni-Channel Identity and Trust Solutions, VASCO Data Security said: “When it comes to data security, businesses continue to deal with balancing priorities between transformation and operations, and current operations tip the scale. The demands are tactically to fix, band-aid and quickly address issues, which leads to leveraging current infrastructure, tools, software and resources, and pulling back on budgets for strategic solutions and technology advancements that today do not allow product to produce a holistic solution."

Furthermore, "most companies are not structured to allow operations and innovation to exist in organizational harmony. This is why we continue to see passwords still around, simplified multifactor authentication still scarce and data breaches continuing to rise.”

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