ABI Research Sees Cybersecurity CI Spend Topping $105B in 2021
February 15, 2021
“There is no denying that secure connectivity has become a key focus, not least with the revelations late last year of the SolarWinds Orion hack, which has brought into sharp focus the need for better vetting of services offered by third party contractors and remote update processes. The scale of the intrusion clearly illustrates how vulnerable systems can be when they have weak links, and how easily threat actors can infiltrate and escalate privileges once access has been gained. The implications for national security are significant, and critical infrastructure operators and governments worldwide are now re-evaluating and re-assessing the risks as they relate to remote management,” says Michela Menting, Digital Security Research Director at ABI Research.
Rajeev Gupta Co-founder & Chief Product Officer at
Cowbell Cyber added, "The pandemic
has put pressure on businesses across all industries to accelerate
their digitization efforts. As cybercriminals take advantage of
misconfigured systems or poorly protected remote work settings, the
surge of cyberattacks means that no business is immune to cyber
incidents. This is why cybersecurity insurance has become a
must-have for any sound cybersecurity strategy. Insurance not only
brings financial protection but also the expertise to deal with
ransomware negotiations, forensic investigation, legal services to
manage third party liability, and much more."
However, increasing efforts are being placed on offensive security
investments to better prepare response mechanisms, as well as
securing operational technologies as operators in many sectors go
through digital transformation and start evolving toward smart and
connected IoT infrastructures,” Menting explains. Progress is
nonetheless slow, as many sectors are bound by regulations which can
make it difficult to change quickly. In addition, new security
processes require time for testing and validation before being
greenlit for use, ensuring they don’t compromise the integrity or
proper functioning of existing processes.