Gartner, Inc., the Stamford, CT-based technology research and consulting firm, has roughly 20,000 employees worldwide and produces tens of thousands of pages of original research annually. Last September, the firm released a report on global security and risk management spending, offering forecasts for 2024. Predictably, total spending is poised to climb from ~$188 billion in 2023 to $215 billion in 2024, marking a robust 14% growth rate. Security Services, accounting for $90 billion of the $215 billion pie, or over 40% of the total, encompasses IT security outsourcing and implementation, and is projected to see double-digit growth—a heartening prospect.
The stark reality is this: cyber attacks are on the rise in both frequency and severity. Even more disconcerting is the continual proliferation of connected devices and operational technology integral to controlling critical infrastructure such as power grids, pipelines, water systems, and hospitals. With each passing day, the addressable market for cyber criminals only expands, becoming increasingly attractive. On a more localized scale, business owners now rely heavily, if not entirely, on IT infrastructure to run their operations, magnifying the devastating impact of cyber attacks. Gartner's analysis merely underscores one of our core missions: bridging the ever-widening "skills gaps" prevalent in the market. Our advice is straightforward: limit the "do-it-yourself" mindset to weekends and trips to Home Depot.
Our perusal of Gartner's findings piqued our interest in global business expenditures across unrelated sectors. Notably, the global market for advertising spending has now surpassed $1 trillion which pales in comparison to the $2.5 trillion being spent on research and development. It’s clear that the coaches are more focused on offense than defense since the offense is expected to score touchdowns. However, it’s important to not overlook a rock-solid defensive strategy.
As a business owner or manager, you should put on your defensive coordinator hat and consider the following questions:
- Am I comfortable with our security infrastructure and its ability to mitigate the evolving threat landscape?
- Who are my key players in this area? Do they have the experience and skill necessary to help protect the organization?
- When was the last time we conducted a full vulnerability assessment and thorough review of its findings?
Don’t let the bad guys win.
Onward…..