By all measures, the IT industry appears to be losing the war against cyber attacks, yet companies continue spending more and more on security products.
For example, according to a report released late last year by Marsh and Microsoft, the cybersecurity market exceeded $124 billion in 2019. Despite all that spending, cybercrime cost organizations around $1 trillion that year.
Cyber risk was a top-five concern at 79 percent of organizations surveyed, up from 62 percent in 2017 – but confidence in cybersecurity measures declined across the board. When it comes to understanding and assessing cyberthreats, 29 percent said they were highly confident in 2017, and this percentage dropped to 23 percent last year. Meanwhile, the number of respondents who had no confidence at all in their ability to assess threats doubled, going from 9 percent to 18 percent.
Similarly, the percentage of companies who had no confidence at all in their ability to mitigate or prevent cyber attacks rose from 12 to 19 percent, while those who had no confidence in their ability to respond to or manage cyber attacks went from 15 to 22 percent.