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Businesses have an average of 29 security monitoring tools in place, complicating the Security Operations Center’s (SOC) efforts to prioritize alerts and effectively manage cyber-risk. The defense organizations with more than 10,000 employees typically have about 46 such tools, many of which go unused, underutilized, or otherwise forgotten.
It shows a new study from Trend Micro, published today, which found that tool dispersal is increasingly common in incident detection and response and can lead to high costs. “Not only do organizations have to pay for licensing and maintenance, but SOC teams are increasingly stressed to burnout to try to manage multiple solutions,” Trend Micro’s technical director Bharat Mistry said in a statement. “Being unable to prioritize warnings can also expose the organization to violations. It is no surprise that many turn to SOC-as-a-service, ”
Cyber-security attacks are on the rise, prompting companies to allocate an increasing amount of capital to their IT budgets. Cybercrime has increased by 600% since the start of the pandemic, according to PurpleSec, with the average time to identify a data breach rising to 207 days. Canalys expects investment in cybersecurity to increase by 10% worldwide as a result; in the first half of 2021 alone, investors poured 11.5 billion. dollars in venture capital in cybersecurity startup.
Lack of preparation
Trend Micro, which interviewed 2,303 IT decision makers for the survey, reports that over half of companies (51%) no longer use many of their monitoring tools due to lack of integration and trust in the tools. 38 percent of respondents said they do not know how to operationalize the tools, while 37% said they were extremely outdated.
Of those surveyed, 39% cited a lack of skilled professionals as a barrier to broader monitoring of tool use. This reflects the industry’s worsening lack of cyber security competencies. A recent study by the International Information System Security Certification Consortium pointed the number of vacant cyber security positions around the world to 4.07 million.
Because of the challenges, 92% of respondents told Trend Micro that they have considered managed services to outsource their detection and response capabilities. More than half – 55% – admit that they are unsure of their ability to prioritize and respond to security alerts, with 70% saying they are “emotionally overwhelmed” by security alarm volume.
Unfortunately, current blockchain is likely to worsen as malicious actors increase their attack volume. By the end of 2021, cybercrime is expected to cost the world $ 6 trillion – a figure that could rise to $ 10.5 trillion by 2025. This year and beyond, it is estimated that companies will fall victim to a ransomeware attack every 11 years. second, as the cost of ransomware damage alone rises to $ 20 billion, an increase of 57 times over 2015.
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