[ISN] Billions spent on cyber security and much of it ‘wasted’

http://www.smh.com.au/it-pro/security-it/billions-spent-on-cyber-security-and-much-of-it-wasted-20140403-zqprb.html By Stuart Corner IT Pro smh.com.au April 3, 2014 The global IT security budget runs into tens of billions of dollars but much of it is not being used effectively, say security experts. ABI Research estimated that cyber security spending for critical infrastructure – the segments of defence, energy, financial, healthcare, ICT, public security, transport, and water and waste management hit $US46 billion globally in 2013. Gartner put overall security technology and services market at $US67.2 billion in 2013. In the face of an evolving cybercriminal “community”, Art Gilliland, HP’s senior vice president and general manager, enterprise security, argues businesses need to rethink their security spend. “We’re spending something like $46 billion a year on cyber security but the percentage of breaches is increasing by 20 per cent per year and the cost of those breaches is increasing by 30 per cent,” he told IT Pro. […]