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Investments in Data Security are Increasing

Gautam Kanaparthi
April 15, 2023

This blog is the last in our series about a new study, Cloud Data Security by TechTarget’s Enterprise Strategy Group (ESG). The study examined challenges of securing cloud data among 387 IT, cybersecurity, and DevOps professionals who evaluate, purchase, test, deploy, and operate hybrid cloud data security technology products and services at organizations in North America. Normalyze is a co-sponsor of this study. If you’d like to read ESG’s eBook about the entire survey, download a PDF.

Our final blog summarizes key points for the survey’s sixth major finding: Organizations are investing in data security, with a third substantially increasing data security’s share of cybersecurity budget.

Data Security to Garner a Larger Share of Security Budget

Whilst economists debate the depth and length of a global recession, hard vs. soft landings, layoffs, cutbacks, and other potential story lines, the budget for cybersecurity appears to have breathing room in most organizations. Cybercrime is a non-debatable reality and defending the digital infrastructure, apps and data is a necessary cost of doing business. In another study by ESG, the 2023 Technology Spending Intentions Survey discovered 65% of respondents anticipate a cybersecurity budget increase! More than a third (35%) say strengthening cybersecurity drives technology spending. 

ESG’s Cloud Data Security study also discovered good news for budgets aimed at cloud data security. Of the survey respondents, 87% anticipate their organizations will boost spending on data security technologies and services – not just in 2023 but continuing throughout 2024. More than a third of respondents say this spending increase will be substantial.

 

Highest Priorities for Data Security

A primary driver for organizations to seek new types of tools and platforms for cloud data security is surmounting the challenge of huge volumes and velocities of cloud-resident sensitive data. The challenge requires the profound depth and efficiencies of AI and automated processes to ensure protection of cloud-resident sensitive data. Application of a defense-in-depth strategy entails using both cloud service provider (CSP) and third-party resources to protect heterogeneous public/private clouds.

ESG’s survey found the top drivers for usage of third-party cloud data security technologies and services include:

Gain operational efficiencies – Centralization was the primary strategy for better operations; 39% want to centralize policies and controls for hybrid cloud environments, and 35% want to centralize these for cloud-resident sensitive data.

More robust tools – 35% desire tools to effectively handle the massive volume of cloud-resident sensitive data.

Respondents also described several new priorities for protecting cloud-resident sensitive data. Within an almost-equal six-percentage-point spread, about a third of respondents want to:

  • Prioritize strategy for heterogeneous public/private cloud environments
  • Prioritize new technology specifically for cloud-resident sensitive data
  • Prioritize controls by CSPs

This blog wraps up our summary series covering six major findings of the ESP study, Cloud Data Security. Thank you for reading them! We invite you to review details of ESG’s survey findings by downloading the eBook.

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Data is the most valuable asset for a modern enterprise, and its proliferation everywhere makes DSPM an essential tool for visibility into where sensitive data is, who has access to it, and how it is being used.

Gautam Kanaparthi

Gautam is the Head of Product at Normalyze. He is passionate about building and scaling market-changing cybersecurity products. At Netskope, Gautam built multiple products from the ground up to help the company address new customer problems, including Nextgen Secure Web Gateway, Advanced Analytics, and Malware Scanning. Before Netskope, he was the principal product manager for Symantec Endpoint Security.