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Cybersecurity: Billions Pour In, Basics Languish
2018’s headlines only underscored the need for robust data security. As if to add a whopping exclamation point to the end of the year, the massive Marriott/Starwood Resorts data breach (announced in November) saw an estimated 327-500 million records compromised. With the relentless parade of breaches in the headlines (2018 saw over two billion records breached), money has been pouring into companies offering data security solutions. In 2018 alone, Chris Ahern, a principal at Strategic Cyber Ventures, estimates that “venture capitalists invested $5.3 billion in cybersecurity companies.” While he does not think 2019 will quite hit that number, there will likely still be a continued flow of cash to cybersecurity companies. The stream of VC cash should signal good news for the average company trying to keep their sensitive data safe. This means that cybersecurity companies will have the money to innovate and bring to market the tools the infosec community needs to combat external and internal threats. But there is an elephant in the room that could be lost by the wave of cash flowing into the infosec space. Namely: If companies do not follow cybersecurity best practices, no amount of innovative products is likely to help.
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