Cyber Security - a capital intensive tech game

Today, companies have substantial assets and value manifested in digital form, and they are deeply connected to global technology networks – even as cyber-attackers become ever more sophisticated and adaptable to defences.

The worldwide information security market is growing rapidly. This is due in large part to organizations stepping up their defences against cyber threats — and a rise in such threats, including within their own companies.

Unfortunately, most cybersecurity breaches are caused by human error. Cyber criminals delivered a wave of cyberattacks that were not just highly coordinated, but far more advanced than ever before seen and it is like very much organised crime.

A recent report says, the increased budget allocations for cyber security are mostly tied to a White House directive of March 21, 2022, which stressed the need for improved cyber defences, in the backdrop of high-profile security incidents such as last year’s attack on Colonial Pipelines. This attack caused fuel shortages along the east coast. The statement also directed to the private sector businesses to shore up their defences as per the CISA guidelines.

The allocated fund will improve the Nation’s Cybersecurity to support our nation’s cybersecurity and protect the critical infrastructure and Federal Government networks underlying our nation’s economy and way of life. The lion’s share of the spending would go to the Department of Defence, $11.2 billion and nearly $3 billion would go to Cyber Security and Infrastructure Security Agency (CISA).

The year 2023 would be good business for IT companies who are authorised to do business with the government. They would need to *hire additional resources* to meet the sudden demand for products and services. This nature of spending for sure would drive innovation.

Going forward, the cloud companies would be able to release new features and capabilities much more rapidly than what was possible in the past. The iterative loop of innovation would get triggered. *Developing new tools and capabilities* are a must to stay ahead of the cybercriminals and competitors alike.

Cloud services and security products are bound to take an exponential leap and at the same time, as most organizations planning data encryption deployments lack encryption key management strategy, which increases the risk of data loss. The increased funding will allow CISA to engage in even more research, ultimately positioning it to produce better recommendations.

Information technology, cybersecurity, and risk professionals need to work together to protect their organizations from cyberthreats and most important is, we have to realise that cyber security is a capital-intensive tech game and needs to be handled accordingly.