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Companies boosted information security spending significantly

Staff writer |
Year after year, cyberattacks continue to escalate in frequency, severity and impact. However, prevention, detection methods and cybersecurity innovation are on the rise.

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The Global State of Information Security Survey 2016 released today by PwC US in conjunction with CIO and CSO examines how executives are looking towards new innovations and frameworks to improve security and mitigate enterprise risk.

Respondents boosted information security spending significantly, reversing last year's slight drop in security spending. This year respondents boosted their information security budgets by 24% in 2015.

According to the report, 69% of respondents said they use cloud-based security services to help protect sensitive data and ensure privacy and the protection of consumer information.

Connected to the emergence of cloud-based systems, Big Data and the Internet of Things are each ascendant technologies that present a host of cyber challenges and opportunities.

In the case of Big Data, often considered a cyber liability, 59% of respondents are leveraging data-powered analytics to enhance security by shifting security away from perimeter-based defenses and enable organizations to put real-time information to use in ways that create real value.

As the number of internet connected devices continues to surge, the Internet of Things will inevitably increase the stakes for securing cloud-based networks.

Investment intended to address these issues doubled in 2015, but at this point only 36% of survey respondents have a strategy specifically addressing the Internet of Things.


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