There’s a fundamental truth in the cybersecurity industry that nobody wants to face. Despite cybersecurity budgets and spending ballooning by the year, outcomes aren’t improving. In fact, they’re getting worse. In 2011, the cybersecurity market was valued at around $60 billion in annual spending. By the end of 2021, it’s expected to reach $150.4 billion. That’s a Compound Annual Growth Rate (CAGR) of 9.63% over a decade, and there’s no sign of spending slowing down. From 2020 to 2027/28, analysts expect the CAGR of global cybersecurity spending to continue at a rate of 9.4%, 10.9%, or 12.5%, depending on which source you trust.
All of which begs the question: Why are Breaches (Still) So Common?
*** This is a Security Bloggers Network syndicated blog from Cimcor Blog authored by Jacqueline von Ogden. Read the original post at: https://www.cimcor.com/blog/3-reasons-security-and-compliance-going-the-wrong-way