Telco Transformation - Security Spending Forecast to Hit $119B by 2021

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Comments Security Spending Forecast to Hit $119B by 2021 Threaded \| Newest First \| Oldest First [close this box] clrmoney 10/20/2017 10:02:46 PM User Rank Platinum Predictions of Security Spending I think that this could go either way when it comes to spending a lot on security because there are risks in almost everything we do. So I say good luck with this. Reply Post Message Messages List Start a Board Login 50% 50% freehe 10/21/2017 5:36:11 PM User Rank Platinum Re: Predictions of Security Spending @clrmoney, I agree. There are risks to purchasing any tool. Hopefully the companies have developed a good implementation plan and risk mitigation strategy to address at least the major risks. Reply Post Message Messages List Start a Board Login 50% 50% srufolo1 10/20/2017 11:24:13 PM User Rank Platinum Security Spending to Hit $118B "On a worldwide basis, banks, discrete manufacturers, and federal/central government agencies will spend the most on security products and services during the forecast period, according to Smith, and combined will account for 30% of the global spending this year." Banks, and federal/central government have more to lose than any industry if they were to experience a breach. I think their amount of spending on security is in line with such a threat. Reply Post Message Messages List Start a Board Login 50% 50% freehe 10/21/2017 5:34:43 PM User Rank Platinum Re: Security Spending to Hit $118B @srufolo1, I agree. I work on a federal government contract and they security they have is amazing. Although there are some areas for improvement it will be hard but not impossible for hackers to attack. Reply Post Message Messages List Start a Board Login 50% 50% srufolo1 10/23/2017 8:02:03 AM User Rank Platinum Re: Security Spending to Hit $118B @freehe Considering all the sensitive data they need to protect, I can imagine the federal government's security is like Fort Knox. Private companies should take a page from their playbook. Reply Post Message Messages List Start a Board Login 50% 50% JohnBarnes 10/25/2017 10:06:15 PM User Rank Platinum Re: Security Spending to Hit $118B srufulo1, freehe, Except, of course, that while the right hand of government wants to keep its secrets, the left hand wants to make sure it can know yours (and everyone else's), so the state is eternally locked in an arm-wrestling match with itself. The great political cartoonist Tom Darcy once pointed out that for several years, tobacco subsidies just about equaled cancer research in federal spending. "To you it may look crazy, but to them, it's balancing the budget!" Reply Post Message Messages List Start a Board Login 50% 50% mpouraryan 10/22/2017 4:09:15 PM User Rank Platinum Re: Security Spending to Hit $118B I have been on the receiving end of the breachers--including the big OPM breach. Although the higher level of spending is indeed a welcome development, the question we have to think about it its' true effectivenes. Reply Post Message Messages List Start a Board Login 50% 50% srufolo1 10/23/2017 8:00:03 AM User Rank Platinum Re: Security Spending to Hit $118B @mpouraryan As have I, at a Bank of America ATM machine of all things and roughly 10 years ago. We were all fairly naive back then, including the bank! When I saw money suctioning out of my account from establishments as far as Canada, panic set in big time. Bank of America handled it like a champ. As it turns out, other ATM machines of theirs were breached, and BofA set on a mission to replace them all to prevent it. Reply Post Message Messages List Start a Board Login 50% 50% mpouraryan 10/23/2017 11:22:38 AM User Rank Platinum Re: Security Spending to Hit $118B The key is to be vigiliant daily. Thanks for sharing your predicament which is a lessons to be learnt by us all. Reply Post Message Messages List Start a Board Login 50% 50% elizabethv 10/23/2017 8:09:51 PM User Rank Platinum Re: Security Spending to Hit $118B @mpourarayan - I think I heard 50% off the population will be effected by the Equifax breach. But you're exactly right, there's no point spending absurd amounts of money on something if it isn't going to be effective. The thought is great, but where security is concerned, thoughts won't protect you from a breach. Again I lament that it would be nice if the hackers would focus on revealing the corruption in our government and disabling North Korea's nuclear bombs. Reply Post Message Messages List Start a Board Login 50% 50% mpouraryan 10/23/2017 8:54:46 PM User Rank Platinum Re: Security Spending to Hit $118B Thanks for the note--not "will be"--it is a fact--the data I have seen is about 145 Million People. How such is mitigated will e the key challenge. Reply Post Message Messages List Start a Board Login 50% 50% afwriter 10/24/2017 12:54:26 PM User Rank Platinum Re: Security Spending to Hit $118B I am one of those affected and I have to say that they made signing up for the free credit monitoring pretty painless. Reply Post Message Messages List Start a Board Login 50% 50% mpouraryan 10/24/2017 1:03:04 PM User Rank Platinum Re: Security Spending to Hit $118B They seem to have learnt from their stumbles as their stock price has recovered since the fiasco. We are the ones ultimately that have to bear the responsiblity--and it is not an easy thing--is it? Reply Post Message Messages List Start a Board Login 50% 50% afwriter 10/24/2017 1:16:30 PM User Rank Platinum Re: Security Spending to Hit $118B It is definitely worrisome, but we can't let it dictate our lives. I regularly monitored my credit before and now I have a few extra layers of monitoring. Of course, I wish it never happened to begin with but I cannot dwell on that which I have no control. Reply Post Message Messages List Start a Board Login 50% 50% mpouraryan 10/24/2017 1:25:43 PM User Rank Platinum Re: Security Spending to Hit $118B That's the right attitude to have because as someone once said, Worrying about something is when we have nothing better to do!!! :) :) Reply Post Message Messages List Start a Board Login 50% 50% mpouraryan 10/24/2017 1:03:05 PM User Rank Platinum Re: Security Spending to Hit $118B They seem to have learnt from their stumbles as their stock price has recovered since the fiasco. We are the ones ultimately that have to bear the responsiblity--and it is not an easy thing--is it? Reply Post Message Messages List Start a Board Login 50% 50% mpouraryan 10/24/2017 1:03:06 PM User Rank Platinum Re: Security Spending to Hit $118B They seem to have learnt from their stumbles as their stock price has recovered since the fiasco. We are the ones ultimately that have to bear the responsiblity--and it is not an easy thing--is it? Reply Post Message Messages List Start a Board Login 50% 50% elizabethv 10/25/2017 8:34:31 AM User Rank Platinum Re: Security Spending to Hit $118B @afwriter -The other places that have been affected by breaches also offered free credit monitoring. In this instance, you get Life Lock, which tosses some if its coins back into the coffers of Equifax. So that they made it easy isn't hard to believe. My husband and I were both affected, he signed up for the credit monitoring, I did not. I started to, but then didn't feel comfortable giving all my info to a company that just had a security breach, that they waiting weeks to say anything about, in the meantime their CEO's dumped a bunch of their stocks. Which actually could have something to do with their stocks already rebounding too. I'm a bit cynical. Reply Post Message Messages List Start a Board Login 50% 50% afwriter 10/25/2017 10:48:45 AM User Rank Platinum Re: Security Spending to Hit $118B @elizabethv It probably is a false sense of security to have them, but it's something. I personally monitored my credit before the breach and I intend to keep doing so to hopefully catch any identity theft before it gets too bad. I think a lot of companies outside Equifax are starting to be a lot more proactive about credit monitoring in light of the many breaches. I know a lot of credit card companies are stepping up and sights like Credit Karma are also offering free extended protections. Again, they are probably all security blankets, but maybe having a cross stitch of multiple protections will help prevent fraud. I know a guy who knows a guy who is a millionaire who recently went to get a loan for a new development and the bank denied it because he was being foreclosed on and had a bunch of other faulty loans. He told them they were mistaken and they said no, it's your social. Apparently, it is going to take up to 5 years to get everything straightened out. Reply Post Message Messages List Start a Board Login 50% 50% elizabethv 10/26/2017 7:57:41 AM User Rank Platinum Re: Security Spending to Hit $118B @afwriter - Oh yeah, getting a social security number stolen is no joke. It happened to a friend of mine a few years ago, and my husband previously was a Finance Officer doing student loans and now he does Mortgages, so he's worked with people who have had it happen to them. Discover gives you a free credit score, and you legally have access to your reports every 3 months I believe it is. I always try to stay on top of those just because I watched what my friend went through a few years ago. There's definitely some piece of mind that comes with any monitoring service. It's why I keep my Discover card around, I love having my credit score every month, and knowing that it isn't doing anything wacky. Reply Post Message Messages List Start a Board Login 50% 50% srufolo1 10/26/2017 9:29:47 AM User Rank Platinum Re: Security Spending to Hit $118B @afwriter Anyone who uses Credit Karma, as I do, is taking a chance on whether your social security and sensitive information is protected. That site is probably going to be the next one to be hacked. But I hope not. Reply Post Message Messages List Start a Board Login 50% 50% afwriter 10/26/2017 10:33:40 AM User Rank Platinum Re: Security Spending to Hit $118B @srufolo1 I wish I could argue with you that they probably beefed up security after the Equifax incident, but we both know that you are right. Reply Post Message Messages List Start a Board Login 50% 50% srufolo1 10/27/2017 11:13:41 PM User Rank Platinum Re: Security Spending to Hit $118B @afwriter Anytime you put your social security number out there on any site, it's a risk. If I didn't need a bank account for some direct deposits, I would close all the accounts and just keep my money in a fire-proof safe at home. Reply Post Message Messages List Start a Board Login 50% 50% mpouraryan 10/23/2017 8:55:52 PM User Rank Platinum Re: Security Spending to Hit $118B ...As for "Corruption in Government", be careful what you wish for--we may be in for further disappointment--although I continue to have faith not withstanding the challenging "noise" that we're witness to. Reply Post Message Messages List Start a Board Login 50% 50% srufolo1 10/25/2017 10:43:34 AM User Rank Platinum Re: Security Spending to Hit $118B @elizabethv There are many a criminal hacker who have "rehabilitated" themselves and now work toward the good of uncovering breaches. They've gotten smart and realize they can actually command huge salaries doing so. Here is a story written last October about one such person. https://www.wired.com/2016/10/anonymous-notorious-hacker-back-hes-gone-legit/ Reply Post Message Messages List Start a Board Login 50% 50% elizabethv 10/23/2017 8:05:25 PM User Rank Platinum Re: Security Spending to Hit $118B @srufolo1 - I have to agree with that assessment. Banks potentially wouldn't just lose customers, they, more than any other industry would lose their product. And if the loss was great enough, there could potentially be no insurance coverage to protect that loss. Reply Post Message Messages List Start a Board Login 50% 50% srufolo1 10/24/2017 10:52:11 AM User Rank Platinum Re: Security Spending to Hit $118B @elizabethv And you just hope to God that banks and other such institutions stay ahead of the breach rather than work to fix it after the fact, such as what happened with the ATM machines that people were hacking. Reply Post Message Messages List Start a Board Login 50% 50% afwriter 10/26/2017 10:45:21 PM User Rank Platinum Re: Security Spending to Hit $118B Banks being hit would be a nightmare, though it will probably happen eventually. Robbers use keyboards instead of guns and ski masks now. Reply Post Message Messages List Start a Board Login 50% 50% vnewman 10/28/2017 5:52:21 PM User Rank Platinum Re: Security Spending to Hit $118B @afwriter - I work for a global law firm who does work for a majority of the big banks and i will tell you, the security procedures we have to follow in order to just do business with them are exhastive. There are constant audits and they can come in and perform one at any point in time to see if we are following all the procedures we have set up meet their requirements. It costs us a lot in terms of time, IT and human resources. Reply Post Message Messages List Start a Board Login 50% 50% afwriter 10/28/2017 10:12:20 PM User Rank Platinum Re: Security Spending to Hit $118B @vnewman I would imagine that its exhaustive, but it beats the alternative. Reply Post Message Messages List Start a Board Login 50% 50% srufolo1 11/13/2017 2:06:35 AM User Rank Platinum Re: Security Spending to Hit $118B @vnewman It's comforting to know that banks have really beefed up security. But I can see how such exhaustive measures would create huge demands on your time, IT and human resources. Reply Post Message Messages List Start a Board Login 50% 50% vnewman 11/13/2017 9:30:16 AM User Rank Platinum Re: Security Spending to Hit $118B It is definitely a double edge sword. On one hand we aren’t very likely to end up on the front page of the New York Times because of a data breach. On the other hand any given task can take our users twice the amount of time to complete if not more. There is a lot of frustration and pressure to meet deadlines that Are unrealistic and given the constraints and be secure environment Reply Post Message Messages List Start a Board Login 50% 50% dlr5288 10/31/2017 8:14:26 PM User Rank Platinum Re: Security Spending to Hit $118B Very interesting way to put it! But it’s verybtrue. It’s so easy for people to steal money electronically now, why would they risk actually going somewhere? Reply Post Message Messages List Start a Board Login 50% 50% freehe 10/21/2017 5:30:59 PM User Rank Platinum Security Spending Finally someone gets it. Security has moved to one of the top priorities for enterprises. However, the success of the security initiatives depends on purchasing the right tools from the right tools to meet their needs. Reply Post Message Messages List Start a Board Login 50% 50% freehe 10/21/2017 5:32:35 PM User Rank Platinum Security Hopefully the money spent will not be wasted. I have seen too many companies spend millions on products and services only to scrap them later on or have them sit in a closet collecting dust. Some companies like to say they are doing this or that but have to remain popular but have no intentions on using what they purchase. Reply Post Message Messages List Start a Board Login 50% 50%		Latest Articles Seven Sign Up for Italy's 5G Auction Italy's 5G auction could exceed a government target of raising €2.5 billion ($2.9 billion) after attracting interest from companies outside the mobile market. All Quiet on VEON's Digitalization Front The emerging-markets operator is focusing on the humdrum business of connectivity and keeping quiet about some of its ill-fated 'digitalization' efforts. Huawei Edges Out Rivals for Three UK 5G Job Three UK has picked Huawei over existing radio access network suppliers Nokia and Samsung to build its 5G network. Nokia Bags $3.5B 5G Deal With T-Mobile US Vendor says that it's its biggest 5G deal to date. 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@vnewman It's comforting to know that banks have really beefed up security. But I can see how such exhaustive measures would create huge demands on your time, IT and human resources.