Cyberthreats hit unprecedented levels in 2014, and those numbers are only set to be on the incline. With advanced targeted attacks hitting companies of all types and sizes, the reality is becoming clear that no enterprise is immune to a hack. In terms of enterprise cyberattacks, 2014 could be characterized by a sense of unpreparedness on the part of corporate giants. Many breaches succeeded not only in compromising privileged information, but also in revealing massive network vulnerabilities in organizations that the public expected more from. But now it seems businesses are learning from those mistakes.
Tech companies ramping up funding toward cybersecurity
Last year proved that whatever the old enterprise cybersecurity methods were, they're no longer sustainable in a virtual world crawling with sophisticated threats. Currently, a change is underway. Not surprisingly, the charge toward more robust business security is being led by tech companies. As The Wall Street Journal reported, chief financial officers at tech enterprises are notably increasing cybersecurity spending. A recent study of 100 U.S. tech enterprises was conducted by BDO USA LLP. The survey revealed the significant finding that 67 percent of tech CFO respondents said they'd increased funding for enterprise cybersecurity.
In terms of where the cybersecurity dollars went, it varied from business to business. Many put more robust software in place. A majority devised official response plans. And three in 10 even hired a chief security officer, a position that's cropped up in to meet the challenges posed by a breach-heavy world. This position makes sure there's always an eye on network security.
All of these efforts illustrate a proactive stance that needs to be assumed by businesses in other industries as well. As the Wall Street Journal article pointed out, it makes sense that tech is a sector where big cybersecurity strides are happening, since its workers have more familiarity with the existence of cyberattacks and the huge threat they pose. But fortunately, it's not just tech businesses that are pursuing cybersecurity solutions.
Among financial firms, there's also a security push
A separate Wall Street Journal article reported on a study which found a big rise in cybersecurity spending at financial firms. According to the article, a big impetus for the surge in financial cybersecurity spending is the reality that financial firms are one of the most lucrative attack targets for criminals. During 2014, the JP Morgan Chase breach was the biggest of its kind to make headlines, but there were a significant number of other financial attacks.
"While Internet breaches have hit everyone from big-box retailers to the U.S. Postal Service, banks and investment firms are in the spotlight because they have been attacked frequently and handle reams of sensitive client data, including millions of checking and savings accounts," the article stated.
It will be important to trace whether the push among financial and tech firms toward better cybersecurity leads other industries to follow suit. After all, any organization is a potential target.