Digital crime continues to grow while companies keep spending heavily on security. Can this trajectory be changed?
Companies are spending large amounts on cybersecurity, yet cyber threats continue to persist and thrive. Security executives are under tremendous pressure, and companies are questioning the wisdom of their security budgets.
'Everyone talks about how responsible companies should invest in cybersecurity, and if their security fails, they must be at fault. We have turned into an industry that blames the victims and then sells them more stuff. We just accept that cybercrime is like the weather. It is inevitable, so it was your fault for not buying an umbrella. And if the storm whips away that umbrella, it's your fault for not buying a better umbrella.
“For example, they want to know why they must keep spending and spending – at what point does it level out? They refuse to see cybersecurity as an infinite cost centre and are not buying the industry rhetoric that it's a business investment.' 'Got an email risk? Here's a product. Got a data risk? Here's a product. Got remote worker risks? Here's a product. Individually, these solutions do their job. But digital criminals exploit the gaps between products, so at some point, it doesn't matter how good a product is.'As the market matures and accepts the risk narrative, it is also starting to place its expectations there, says Swart.As such, risk-led frameworks are starting to highlight effective cybersecurity.
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