There is no doubt that investment in data security and privacy has skyrocketed since the covid-19 pandemic. But despite the huge investment by organizations in cyber security, data protection is still the topmost risks organization face. There is an alarming disconnect between the need for organization to keep their data protected and the investments they make trying to reach that goal according to a new survey.
The overall cyber security market value is expected to reach US60.2 billion in 2021. The huge investments in cyber security has not offered better protection as the number of data breaches and records being compromised, as well as ransom were attacks reached an all time high last year. Over 12 billion records, containing a range of personal identifiable information were reportedly compromised in 2020 while the number of known ransom were attacks increased by nearly 60%.