As organisations ramp up investments in cybersecurity, Chief Information Security Officers are phasing out outdated practices, notably the use of passwords.
Security leaders are currently faced with an ever-expanding array of digital tools designed to combat cyberattacks. Recent data from Gartner indicates that organisations are not just aware of these tools but are also heavily investing in them. The market researchers forecast a 15 per cent increase in spending on cybersecurity, projecting that costs will rise from $87.5 billion to over $100 billion by 2025.
A significant portion of these investments is directed towards new technologies and innovations, particularly those that boast a GenAI label. However, Chief Information Security Officers (CISOs) are also earmarking part of their budgets for the replacement of outdated technologies and practices. To gain insight into which older technologies are being phased out, discussions were held with security leaders from various companies.
One prevalent area of concern is the use of passwords. Richard Marcus, the Chief Information Security Officer at software provider AuditBoard, expressed a strong disdain for traditional password usage, particularly in connection with third-party services. He stated, “Passwords are out – especially in connection with third parties. If you do not rotate these credentials in a disciplined way, the risk is simply too high.”
This emphasis on modernising cybersecurity practices reflects a broader trend within the industry as businesses strive to safeguard their digital environments amidst increasing threats. As technology continues to evolve, the approach to managing security will likewise adapt, urging companies to reconsider the tools and methods they currently employ.
Source: Noah Wire Services
- https://www.crn.com/news/security/2024/gartner-cybersecurity-service-spending-will-continue-to-surge-in-2025 – Corroborates the forecast of a 15% increase in cybersecurity spending and the significant growth in security services and software, driven by GenAI-powered attacks and other cyber threats.
- https://www.cybersecuritydive.com/news/infosec-spending-surge-gartner/726081/ – Supports the projection of global information security spending reaching $212 billion in 2025, with a focus on security software, services, and network security.
- https://www.itpro.com/security/cybersecurity-spending-is-going-to-surge-in-2025-and-ai-threats-are-a-key-factor – Confirms the rise in cybersecurity spending due to AI threats, including the use of generative AI tools and the growth in cloud security solutions.
- https://www.crn.com/news/security/2024/gartner-cybersecurity-service-spending-will-continue-to-surge-in-2025 – Highlights the impact of the cyber talent shortage and the need for modernizing cybersecurity practices, including the replacement of outdated technologies.
- https://www.cybersecuritydive.com/news/infosec-spending-surge-gartner/726081/ – Discusses the reevaluation of endpoint protection platforms and endpoint detection and response needs, reflecting the broader trend of modernizing cybersecurity practices.
- https://www.itpro.com/security/cybersecurity-spending-is-going-to-surge-in-2025-and-ai-threats-are-a-key-factor – Mentions the increased focus on cloud security solutions and the market growth for cloud native solutions, aligning with the need to modernize cybersecurity practices.
- https://www.crn.com/news/security/2024/gartner-cybersecurity-service-spending-will-continue-to-surge-in-2025 – Details the concerns about GenAI-powered attacks and their impact on cybersecurity investments, supporting the emphasis on modern technologies.
- https://www.cybersecuritydive.com/news/infosec-spending-surge-gartner/726081/ – Explains the adjustments organizations are making to improve operational resilience and incident response capabilities, reflecting the evolving approach to security management.
- https://www.itpro.com/security/cybersecurity-spending-is-going-to-surge-in-2025-and-ai-threats-are-a-key-factor – Highlights the industry verticals where cybersecurity spending is heightened, such as banking and government, due to the dire consequences of cyber attacks.
- https://www.crn.com/news/security/2024/gartner-cybersecurity-service-spending-will-continue-to-surge-in-2025 – Supports the growth in security services spending, driven by the global skills shortage in the cybersecurity industry, aligning with the need for modern and effective security tools.
- https://www.cybersecuritydive.com/news/infosec-spending-surge-gartner/726081/ – Corroborates the consolidation occurring in endpoint protection platforms and the shift towards vendors with first-mover advantages in extended detection and response.
