PwC Predict Data Security Budgets Will Rocket

PricewaterhouseCoopers' (PwC) latest findings reveal that corporate spending on data security is set to increase sharply.

More than half of respondents say they plan to increase spending on defending against security breaches. This is the highest proportion to forecast an increase in the past five years.

While the number of companies reporting no recent security breaches is up 8 per cent from 2009, the impact of breaches is getting greater according to the findings of the latest survey.

The number of companies reporting financial losses from data breaches increased by 6 per cent in the past year to 20 per cent while intellectual property theft is also on the rise, affecting 15 per cent of companies reporting data breaches.

An increase in the number of sophisticated attacks aimed at stealing information from specific companies, is also driving increased security spending, according to the Financial Times.

As a result, spending is shifting to monitor company networks more closely, the paper said.

Craig Lunnon of the OneSecurity team at PwC says that the approach of finding technical solutions to what is widely perceived as a technical problem is misguided. "Technical solutions are too frequently being prescribed for people problems," he said.

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