LATEST INTELLIGENCE
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T
he information security field is economically
inefficient. This is both good and bad. Bad,
because it means billions of dollars are
squandered on solutions which offer their buyers
sub-optimal returns. Good, because the opportunities
exist to operate more efficiently and thereby improve
the quality of life for everyone.
This paper will examine how we know economic
inefficiencies exist and why the industry seems
unwilling to address them. By understanding these
issues, companies will be better able to select
effective IT security solutions that align with their
business mission. Readers will also gain insight
into how misplaced trust can lead to contradictory
market reactions.
Signs of economic inefficiency
Economic efficiency is defined as: An economic state
in which every resource is optimally allocated to
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INTELLIGENTCIO
serve each individual or entity in the best way while
minimising waste and inefficiency.
It is worth noting that the welfare (or quality of life)
of populations in an economy is directly impacted by
the efficiency of resource allocation. Peak efficiency
is reached when the available resources could not
possibly be allocated in a more efficient manner.
Keeping this in mind, it’s worth examining the current
state of information security. Forbes Magazine
reports that companies will spend an estimated
US$93 billion on information security in 2018. This
represents a 14% increase over the US$71.4 billion
that companies spent in 2014. During this same time
period, we have witnessed devastating cyberattacks
against JPMorgan Chase, Home Depot, Equifax
and Yahoo, just to name a few. Global threats like
WannaCry and Petya have dominated headlines
while advanced persistent threat actors have taken
down power grids in Ukraine.
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