Cybersecurity costs to rise 38% over the next 10 years: Study

NEW DELHI: Cybersecurity costs are projected to rise 38% over the next 10 years, a study by RAND Corporation says.

The report by RAND found chief information security officers (CISOs) often face a chaotic and confusing landscape when deciding the most efficient and cost-effective way to manage the risks posed by security to their business.

Keeping this in mind, Juniper Networks has tied up with RAND Corporation to unveil new insights into the economic challenges, trade-offs and demands facing companies as they protect themselves against increasingly complex security threats.

The research also indicates that many companies are spending increasing amounts on cybersecurity tools, but are not confident that these investments are making their infrastructure secure.

Juniper Networks believes this dynamic is due to a lack of solid calculus that considers both the cost of security tools and resources, and the potential cost of a breach, which by definition is neither certain nor predictable.

CISOs need a way to better understand the variables that most influence the cost of managing cybersecurity risk holistically and the different decisions they can make to protect their organizations.

To address this need, RAND developed a heuristic economic model that for the first time maps the major factors and decisions that influence the cost of cyber-risk to organizations.

“The security industry has struggled to understand the dynamics that influence the true cost of security risks to business. Through Juniper Networks’ work with the RAND Corporation, we hope to bring new perspectives and insights to this continuous challenge. What’s clear is that in order for organizations to turn the table on attackers, they need to orient their thinking and investments toward managing risks in addition to threats,” says Sherry Ryan, Chief Information Security Officer, Juniper Networks.