The projected cost of cybercrime is $6 trillion annually by 2021, making cybersecurity a critical issue for every organization. Just how much do companies spend on cybersecurity? According to the 2020 State of the CIO survey, the average company devotes 16 percent of its IT budget to cybersecurity.
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If you do any work with the U.S. Department of Defense (DoD), then you have surely heard about the Cybersecurity Maturity Model Certification (CMMC). With requirements beginning to show up in projects as early as September, you may have questions about compliance and requirements so you don’t lose out on future contracts with the DoD.
Recent cybersecurity facts are alarming. Globally, attacks on IoT devices tripled in 2019, and more than $17,000 is lost every minute due to phishing attacks. What’s even more disturbing is that 60 percent of breaches involved security vulnerabilities that had a patch available. Unfortunately, the available patches were not installed. This is why a cybersecurity program is essential to every organization, regardless of size or industry.
As cyber attacks continue to rise, more companies are investing in cybersecurity, with global spending on security-related hardware, software, and services expected to exceed $151 billion by 2023. A key component of a comprehensive cybersecurity strategy is an incident response plan.
A recent study on cybercrime confirmed that cyber attacks are on the rise. The average number of security breaches grew by 11 percent in 2019, and the average cost of an attack continues to increase, creeping up to $13 million. It is no surprise then, that many organizations are bringing a dedicated security expert to the C-level, via a Chief Information Security Officer (CISO).