Organizations Face Record Data Breaches as Cybersecurity Investment Grows

“Prioritize cybersecurity and invest in broadening protection, detection and response measures or face disaster,” is the message from Canalys Chief Analyst Matthew Ball. According to the latest analysis from Canalys this is the stark reality facing organizations in 2021. For many, it is too late.

The data breach crisis escalated last year, as more records were compromised in just 12 months than in the previous 15 years combined. Ransomware attacks surged with tragic consequences, as hospitals were specifically targeted. Several high-profile organizations went out of business in 2020 and surviving organizations had to implement business continuity measures quickly in response to the COVID-19 pandemic or face ruin. This was often at the expense of cybersecurity and bypassed longstanding corporate policies, leaving many exposed to exploitation by highly organized and sophisticated threat actors, as well as other more opportunistic hackers.

In a new two-part special report ‘Now and Next for the cybersecurity industry’ Canalys notes that Cybersecurity investment outperformed other segments of the IT industry in 2020, growing 10% to US$53 billion. However, business continuity and workforce productivity took precedence over security during the pandemic. According to Canalys estimates, cloud infrastructure services grew 33% in 2020 to US$142 billion, representing an increase of US$45 billion in annual spend against 2019. Cloud software services increased more than 20% during the same period. Zoom’s reported revenue jumped over 300%, while Microsoft Office 365 and Salesforce maintained strong double-digit growth. Notebook PC shipments also had a record year, surging 17%, and are forecast to grow further in 2021. Logitech’s webcam business also hit a record high, increasing 138% on a trailing four-quarter basis. And sales growth of home Wi-Fi routers exceeded 40%, as remote workers looked to improve their connectivity, while home printers and ink sold out.

Read more at Canalys

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