In reading the Ponemon/Boomberg report on the costs of cybersecurity, I was shocked to see that companies would need to increase spending 700% to achieve 95% protection. In reading closer, I was even more shocked to see that financial services companies would need to increase spending over 1,270% to achieve 95% protection. Of the 48 financial services firms surveyed the average annual security investment was $22.9 million. To achieve the 95% goal, security investment would need to increase to $292.4 million per year. You can see the results in an interactive chart here.
As stated in my previous post: “CyberSecurity Cold War; Spend Ourselves Into Oblivion”, it is obvious that companies cannot increase security investment 11 fold or even 7 fold. There must be a better answer.
By the way..the “Wowee wow wow” is from Christopher Walken’ character The Continental