Increase infosec spending – reduce cyber damages

A recently published study into Global 2000 IT-spending intentions identified that 39% of corporations are spendng more on information security this year, with 37% planning to increase spending in 2012.

With cyber security identified as a key strategic threat facing organisations worldwide, sensible CIOs and CISOs will now be spending at least 13% of their IT budget directly on information security. There is a growing body of evidence that points to increased expenditure having a direct impact on reducing frequency and impace of cyber crime. In particular, the 2010 Cyber Security Watch Survey found that there was, on average a 10% reduction in the losses from cybercrime resulting from significantly increasing spend on cyber security. As individual cyber incidents can cost $3 million or more, a 10% reduction can be seriously worth having!

In fact, adopting and applying cyber security standards for managing information security and business resilience can pay off massively – depending on whether you adopt a self-help approach or bring in outside consultants, a best practice ISO27001 Information Security Management System can cost as little as £3.5k to £10k to implement and more than pay for itself in reduced financial damages in almost  no time!