Information Protection Spending Increasing Rapidly

These days, it’s tough to not be a part of a data breach. If billion dollar companies, like Target and eBay, can’t even protect themselves from security break-ins, how are small businesses expected to protect themselves? The answer is becoming clear – increase spending on information protection. Information security is now a necessity for businesses that are becoming more aware of security threats. Gartner, the world’s leading information technology research and advisory company, stated in a new finding that worldwide information security spending will rise to $71.1 billion by the end of 2014, a near 8 percent increase from 2013 information protection spending.

Companies will quickly learn the value in security spending. They are responsible for the information that flows in and out of the business, both company information, such as financial reports, as well as client information, such as social security numbers. If that information is compromised, a company can easily face over $100,000 in fines.

Regulatory compliance is another element of security spending that will help businesses avoid those hefty fines. Federal and state regulations affect how data should be secured in order to avoid unauthorized disclosure, misuse, alteration, destruction or other compromise of sensitive data. All over the world, companies must improve their methods for information protection. Hackers are not slowing down. In fact, the title of a hacker is much easier to come by with wide spread availability of malicious software and infrastructure needed to launch targeted attacks.

Another finding by Gartner is that by 2018, more than half of businesses will use security services firms that specialize in data protection, security risk management and security infrastructure management to enhance their security postures. Most companies lack skills needed to implement data security policies and procedures. Costs needed to protect company information far outweigh information security risks that can end up destroying a business.

When it comes to compliance, look no further than DataShield. Contact us today, and one of our certified security experts can help your company develop a set of policies and procedures to get you on the right track towards information security. Data breaches can be avoided with a strong system of checks and balances. Nothing is left to chance.