Cyber security – Is there a better way to tackle this growing global concern?

2017 is shaping up to be a year of cyber crime shocks, with a huge increase in the number of attacks reported to date worldwide. As businesses increasingly rely on connected technologies, a considerable amount of their investment and time will go towards ensuring safety and security in the new digital era. Organizations today spend anywhere between 5% and 10% of their total IT spending on cybersecurity, with the spending expected to go up rapidly in coming years. Cyber crime is no longer an IT problem, but a significant business risk, elevating cybersecurity to the top of the corporate agenda. However, despite cybersecurity spending going up, it is has yet to stem the relentless pace of cyber crime. So is there a better way to address this challenge?

In the physical world (read as non digital world), governments take ownership of law and order. They enact laws, punish the criminals, build community awareness, and through enforcement, have been able to keep the world relatively safe and progressive. Can this idea be applied in the cyber world? Would a culture of collaboration uniting companies, governments and societies to combat cyber crime be a more effective approach? A few technology companies today account for a very large share of the value created in the Internet economy. Beyond keeping their respective companies and products secure, should they be taking the lead in proactively working to keep the Internet safe? If anything, these attacks undoubtedly show that an increase in cybersecurity spending is not enough.

I am keen to hear your views on how can we address this challenge more effectively rather than have 10% of the IT spend of every single company in the world being spent on just securing their companies in the digital world.



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