Why Cloud-based Security Services Are on the Rise

 
 
By Karen A. Frenkel  |  Posted 10-30-2015 Email
 
 
 
 
 
 
 
 
 
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    Why Cloud-based Security Services Are on the Rise
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    Why Cloud-based Security Services Are on the Rise

    Enterprises are relying on cloud-based security services to thwart the advances of cyber-criminals, and security budgets are up 25 percent this year.
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    Cloud-based Security
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    Cloud-based Security

    69% of respondents said they use cloud-based security services to protect sensitive data and both enterprise and consumer privacy.
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    Protecting Big Data
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    Protecting Big Data

    59% of respondents use data-powered analytics to shift security from perimeter-based defenses and enable organizations to use real-time information to create value.
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    Securing the Internet of Things
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    Securing the Internet of Things

    Although investments to address IoT security doubled so far this year, only 36% of respondents have a strategy that specifically addresses it.
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    Collaborating for Security
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    Collaborating for Security

    65% of respondents are collaborating with others to improve security, swapping intelligence on cyber-security threats and responses.
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    Rise in Security Spending
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    Rise in Security Spending

    Reversing last year's slight drop in security spending, this year respondents' information security budgets are up by 25%.
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    Evolving Security Roles
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    Evolving Security Roles

    54% of respondents have a CISO. The most frequently cited reporting structure is: CEO, CIO, Board and CTO.
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    Board Increasingly Involved
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    Board Increasingly Involved

    45% of Boards participate in their companies' overall security strategy. Their deepening involvement has helped improve security practices.
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    Mobile Payments Going Strong
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    Mobile Payments Going Strong

    57% of respondents have mobile payment systems, but as new partnerships with technology, financial, retail and telecommunication firms form, their systems are evolving rapidly.
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    Investing in Cyber-Security Insurance
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    Investing in Cyber-Security Insurance

    59% of respondents buy cyber-security insurance to mitigate the financial impact of cyber-crimes.
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    Government Surveillance Influences Buying Decisions
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    Government Surveillance Influences Buying Decisions

    34% of respondents are reviewing their purchases in countries and 22% are purchasing less frequently due to reports that governments of those countries conduct surveillance on hardware, software and/or other services.
 

A new study finds an increase in IT security incidents since last year (no surprise there) and a boost in security budgets this year (certainly a nice surprise). The PwC study also revealed a greater adoption of security frameworks, and the use of cloud-based security services. The study, "The Global State of Information Security Survey 2016," was conducted by PwC U.S. To examine how executives seek innovations and new frameworks to improve security and mitigate enterprise risk, 10,000 respondents—CEOs, CFOs, CISOs, CIOs, CSOs, vice presidents and directors of IT and information security from more than 127 countries—completed an online survey between May and June of this year. Thirty-seven percent were from North America, 30% from Europe, 16% from Asia Pacific, 14% from South America, and 3% from the Middle East and Africa. "Many organizations are embracing advanced authentication as a cloud service in place of solely password-based authentication," said David Burg, PWC's global and U.S. advisory security leader. "There is no one-size-fits-all model for effective cyber-security. It's…the right mix of technologies, processes and people skills."

 
 
 
 
 
Karen A. Frenkel writes about technology and innovation and lives in New York City.

 
 
 
 
 
 

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