May 22, 2024 at 02:40AM
The increasing cybersecurity incidents and data privacy regulations drive demand for cybersecurity. Survey forecasts a 13% annual spending increase through 2025 and highlights challenges. Outsourcing is favored, with 81% of executives using outside vendors. Experts suggest evaluating internal resources and strategically outsourcing to balance costs and improve security outcomes. Keaton advises on evaluating cybersecurity stack and determining expertise gaps.
From the meeting notes, the key takeaways are:
1. The current boost in demand for cybersecurity is driven by the growing number of cybersecurity incidents and data privacy laws and regulations.
2. A recent McKinsey survey forecasts a 13% annual increase in cybersecurity spending through at least 2025.
3. The challenges faced by security practitioners include ensuring wise spending of cybersecurity budgets and attracting and hiring cybersecurity talent.
4. Outsourcing is increasingly being considered as a solution, with 81% of executives using outside vendors to fulfill their cybersecurity demands.
5. Organizations are looking for ways to outsource cybersecurity functions cost-effectively while capturing the most risk reduction for their business.
6. Barry Keaton, director of managed defense at Google Cloud, emphasizes the need for organizations to evaluate their internal resources to determine if outsourcing is a viable way to fill gaps.
7. Enterprises must balance cybersecurity costs, scalability, and the level of control desired against in-house resources, and look for strategic areas where outsourcing can save money and improve security outcomes.