Showing posts with label Security budgets. Show all posts
Showing posts with label Security budgets. Show all posts

The Current Cyber Crisis and the IT Security Budget

Barry Plaga, Interim CEO and CFO, Guidance Software

Last summer, J.P. Morgan Chase suffered a significant cyber breach of its corporate servers that affected approximately 76 million households. Very bad news and no longer an unprecedented event for a major financial institution. Then, two things happened the following fall that are very interesting when considered together:
  1. J.P. Morgan Chairman and CEO James Dimon told a panel discussion audience at the Institute of International Finance that his bank would double its cybersecurity spending over the following five years.
  2. PwC released its latest Global State of Information Security survey that noted that spending on information security fell four percent during a period in which cyber attacks against companies increased 48 percent.