Billions spent on cyber security and much of it 'wasted'

[InfoSec News <alerts () infosecnews org>]

http://www.smh.com.au/it-pro/security-it/billions-spent-on-cyber-security-and-much-of-it-wasted-20140403-zqprb.html

By Stuart Corner
IT Pro
smh.com.au
April 3, 2014

The global IT security budget runs into tens of billions of dollars but 
much of it is not being used effectively, say security experts.

ABI Research estimated that cyber security spending for critical 
infrastructure - the segments of defence, energy, financial, healthcare, 
ICT, public security, transport, and water and waste management hit $US46 
billion globally in 2013. Gartner put overall security technology and 
services market at $US67.2 billion in 2013.

In the face of an evolving cybercriminal "community", Art Gilliland, HP’s 
senior vice president and general manager, enterprise security, argues 
businesses need to rethink their security spend.

"We're spending something like $46 billion a year on cyber security but 
the percentage of breaches is increasing by 20 per cent per year and the 
cost of those breaches is increasing by 30 per cent," he told IT Pro.

[...]

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