Data security budgets to rocket, says PwC

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Data security budgets to rocket, says PwC

Warwick Ashford

Corporate spending on data security will increase sharply, according to a global poll by consultancy firm PricewaterhouseCoopers (PwC).

More than half of respondents said their companies planned to spend more on technological defences against security breaches.

This is the highest proportion to forecast an increase in the past five years and a 14% increase from 2009.

While the number of companies reporting no recent security breaches is up 8% from 19% in 2009, the impact of breaches is getting greater, the survey revealed.

The number of companies reporting financial losses from data breaches increased 6% in the past year to 20%, up from only 8% in 2008.

Intellectual property theft has increased to affect 15% of companies reporting data breaches, up from just 5% in 2008.

An increase in the number of sophisticated attacks aimed at stealing information from specific companies, is also driving increased security spending, according to the Financial Times.

As a result, spending is shifting to monitor company networks more closely, even as more employees bring in their own computers and smartphones, the paper said.

But in June, PwC said businesses should be making employees the first line of defence against data leaks.

The approach of finding technical solutions to what is widely perceived as a technical problem is misguided, said Craig Lunnon of the OneSecurity team at PwC.

"Technical solutions are too frequently being prescribed for people problems," he said.

According to PwC, businesses need to adopt an approach in which investment in understanding and influencing the behaviours of all those concerned is balanced against continued investment in technology.


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