2015 Preview: Business Keeps Eye on Cybersecurity

MI-CG287_CYBERN_16U_20141116174506With the recent hacking breaches at Sony, Microsoft (its Xbox Live was taken offline after Christmas), several big banks, retailers and more, cybersecurity has once again become a major topic in global business.

The Wall Street Journal reports that “hundreds of U.S. financial companies are ramping up spending to combat hackers following attacks this summer on J.P. Morgan Chase & Co. and at least a dozen other firms.”

PricewaterhouseCoopers states that “reported cyber security breaches are up by 25% in the last 12 months, a trend that’s sure to continue in the coming years as more data and ideas are digitised and shared across global networks and on personal mobile devices.”

The global consultant published its 2015 Global State of Information Security report. PwC finds that “cyber security is no longer the blind spot it was for many organisations. Budgets to combat digital vandals, spies and thieves have swelled and confidence in corporate capability in this area is climbing. But while many organisations have raised the bar on security, their adversaries continue to outpace them.”

One industry that may see some of the biggest investment is financial services. The Wall St. Journal piece adds; “Financial-services companies plan to bolster their cybersecurity budgets by about $2 billion over the next two years.”

While the increased costs may impact the expense lines of corporations, on the investment side, the increased requirements may provide increased opportunities. Indeed, Seeking Alpha runs a piece: “Cyber Security May Be A Good Sector To Invest In For 2015.”

Meanwhile, TechCrunch offers “five of the most prominent cybersecurity market trends:”

  • “The Rise of Automated Incident Response”
  • “Cloud Security Becomes a Shared Responsibility”
  • “Advanced Persistent Threats Surge”
  • “Cybersecurity Vendors Become Frenemies”
  • “Mergers & Acquisitions on the Rise”