Every year, companies increase their security spending to protect their data and employees from cyber threats. Yet, cybercriminals continue to torment businesses all over the world via the ever-evolving threat landscape. Companies want smarter and more effective security solutions to deal with these problems, knowing that any breach can have a massive impact on their operations and reputations.
The world economy is slowly bouncing back following the COVID-19 pandemic. With IT budgets now likely to be under greater control, companies will want to invest in solutions that can provide the best value and protection. Gartner predicts worldwide IT spending will total $3.9 trillion in 2020, an increase of 3.4% from 2019, according to their latest forecast. While IT spending would include data centre systems, enterprise software and such, cybersecurity solutions are expected to take up a considerable chunk of the expenditure as well.
There is no denying that the demand drivers for cybersecurity spending are the expanding threat of cyberattacks. With data protection regulations becoming stricter, companies are now looking to implement the best solutions possible. This includes protecting not only company data but also the cyber safety of employees who are now mostly working remotely and accessing corporate systems using personal devices.
The complexity and vast amount of both structured and unstructured data from networks, mobile platforms and cloud-based environments are making it increasingly difficult for companies to manage information that is dispersed across numerous locations.
With that said, an IBM Global Studies whitepaper explains that organisations need to protect their business by:
Monitoring threats and managing firewalls, AV and intrusion detection system devices cost-effectively.
Developing infrastructure capabilities that can improve security intelligence and respond more effectively when there are security threats or incidents.
Integrate Security Information and Event Management (SIEM) into existing infrastructure and optimise the staffing and process to leverage it.
To protect themselves, companies need a Security Operations Centre (SOC). The SOC helps organisations minimise the need for IT personnel by integrating security intelligence technologies on one, or multiple on-premises facilities. The SOC will focus specifically on cyber threat detection and monitoring, forensic investigation, as well as incident management and reporting.
SOC teams depend heavily on reliable and up-to-date threat intelligence to make fast and informed decisions. Modern threat intelligence is powered by Artificial Intelligence (AI) technology, which provides the required information and insights into the mechanisms and implications of potential threats. This allows the SOC to build frameworks and defence strategies to reduce the attack surface and mitigate any potential harm to the organisation.
IBM X-Force Exchange is a cloud-based threat intelligence sharing platform enabling users to rapidly research the latest security threats, aggregate actionable intelligence and collaborate with peers supported by human- and machine-generated intelligence.
IBM has prepared a whitepaper to help you find out more about how your business can build a SOC with threat intelligence as the foundation. Click here to access the whitepaper.