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On average, organizations have 29 security monitoring tools, making it difficult for the security operations center (SOC) to prioritize alerts and effectively manage cyber risks. Those defending organizations with more than 10,000 employees typically have about 46 such tools, many of which are unused, underused, or forgotten.
That’s according to a new Trend Micro survey released today, which found that tool proliferation is increasingly common in incident detection and response, which can lead to high associated costs. “Not only do organizations have to pay for licenses and maintenance, but SOC teams are increasingly stressed to the point of exhaustion trying to manage multiple solutions,” said Trend Micro CTO Bharat Mistry. in a press release. “The inability to prioritize alerts can also expose the organization to breaches. It’s no surprise that many are turning to SOC as a service,”
Cybersecurity attacks are on the rise, leading companies to allocate more and more capital to their IT budgets. Cybercrime has increased by 600% since the start of the pandemic, according to PurpleSec, with the average time to identify a data breach climbing to 207 days. Canalys expects cybersecurity investment to increase by 10% globally as a result; In the first half of 2021 alone, investors poured $11.5 billion in venture capital into cybersecurity startups.
Lack of preparation
Trend Micro, which polled 2,303 IT security decision makers for the survey, reports that more than half of organizations (51%) no longer use many of their monitoring tools due to a lack of integration and of confidence. Thirty-eight percent of respondents said they didn’t know how to operationalize the tools, while 37% said they were extremely outdated.
Of those surveyed, 39% cited the lack of trained professionals as a barrier to wider use of monitoring tools. This reflects the worsening cybersecurity skills shortage in the industry. A recent study by the International Information System Security Certification Consortium estimated the number of cybersecurity vacancies worldwide at 4.07 million.
Because of the difficulties encountered, 92% of respondents told Trend Micro that they had considered managed services to outsource their detection and response capabilities. More than half (55%) admit they are not confident in their ability to prioritize and respond to security alerts, with 70% saying they are “emotionally overwhelmed” by the volume of security alerts.
Current blockers are, unfortunately, likely to be exacerbated as malicious actors increase their attack volume. By the end of 2021, cybercrime is expected to cost the world $6 trillion, a figure that could rise to $10.5 trillion by 2025. This year and beyond, it is estimated that businesses will fall victim of a ransomware attack every 11 seconds, because ransomware damage is expensive. climb alone to 20 billion dollars, or 57 times more than in 2015.
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