Enterprises Will Accelerate Their Data Security Investments This Year and Beyond

Amid the robust interest in data security investments, the industry experts warn of potential implementation obstacles associated with a lack of skilled professionals.

With the continuous rush towards digitalization across businesses amid the pandemic, most organizations have undergone a drastic acceleration of digital transformation, AI initiatives, and cloud adoption.

Thus, data proliferates across the different industry verticals. As a result, organizations must have advanced tools and policies readily available to identify and secure sensitive information properly.

Technology professionals understand that operational data security can protect the reputation of a brand in case of a critical data breach. In fact, this process can speed up their ability to innovate with the help of secure data for any mission-critical AI and analytics solutions.

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Given the current landscape, almost 71% of enterprise executives reported their organizational data and AI timelines have augmented since 2020 – reveals Protegrity. In the rest, 25% reported that their data initiatives have significantly accelerated.

These findings were further validated by the statistics indicating more than 90% of the businesses plan to increase their data privacy and security investments in 2021. The top data security investments planned include cloud data security, employees’ training, and data security for SaaS environments.

The growing cybersecurity market and investment trends will persist in 2021 and beyond. The first half of the year is being affected by ongoing restrictions and layoffs due to the pandemic. However, the later part will adjust for it.

The overall cybersecurity market value will rise significantly, reaching the US $60.2 billion in 2021 – forecasts Canalys. This will be comprised of overall network security, web, and email security, shipments of endpoint security, data security, IAM, vulnerability, and security analytics.

Even a recent Gartner research indicated that, unlike some information security segments, the new normal accelerated the growth for cloud security and data security. Cloud security spending is anticipated to increase 33% year-over-year.

Amidst robust interest in data security investments, the industry experts warn of potential implementation hurdles. These could be the time required to deploy new data security technologies, insufficient worker skills to implement new data security technologies, and budgetary constraints.

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In fact, given the current cybersecurity landscape, privacy and security leaders globally are considering insufficient skills as a primary barrier to data security implementation – compared to data and AI professionals.

With the emergence of the different industry- and country-specific privacy regulations in recent times, how companies use and protect their data has been impacted. In response, many organizations find compliance with data privacy regulations as a top priority.

Undoubtedly, global enterprises face a myriad of data privacy and security regulations – these will only be compounded by the increasing number of rules. This new era further stresses the need for enterprises to protect the privacy of consumers.

This also involves anyone whose identifiable information resides with the corporate data ecosystem. With these in place, businesses can consistently and reliably make the most of data while going around in step with compliance – both now and in the future.