Cyber Security – Major trend likey to impact business

According to the “2016 Deloitte Analytics Trends” report. Organizations with a sophisticated approach to cybersecurity are no longer satisfied with locking the doors after the robbery has been committed. International Data Corporation (IDC) estimates that US federal government agencies alone would spend more than $14.5 billion on IT security in 2015. And the worldwide financial services industry would spend $27.4 billion on information security and fraud prevention

Companies adopting these types of offensive steps will no doubt fi nd that they need new capabilities. Many cyber professionals don’t have the skills to do predictive threat intelligence or predictive analysis of past breaches. At the very least, extensive collaboration between analytics and cyber professionals may be required. And cybersecurity projects will need to rapidly move up the priority list for analytics groups.

US president announces new Cybersecurity National Action Plan, backed by his proposal to increase federal cybersecurity funding by more than a third, to over $19 billion. This plan will address both short-term and long-term threats, with the goal of providing every American a basic level of online security.

According to him – First, I’m proposing a $3 billion fund to kick-start an overhaul of federal computer systems. It is no secret that too often government IT is like an Atari game in an Xbox world. The Social Security Administration uses systems and code from the 1960s. No successful business could operate this way. Going forward, we will require agencies to increase protections for their most valued information and make it easier for them to update their networks. And we’re creating a new federal position, Chief Information Security Officer—a position most major companies have already adopted—to drive these changes across government.

Second, we’re stepping up our efforts to build a corps of cyber professionals across government to push best practices at every level. We’ll do more—including offering scholarships and forgiving student loans—to recruit the best talent from Silicon Valley and across the private sector. We’ll even let them wear jeans to the office. I want this generation of innovators to know that if they really want to have an impact, they can help change how their government interacts with and serves the American people in the 21st century.

Third, we’re strengthening our partnerships with the private sector to deter, detect and disrupt threats, including to the nation’s critical infrastructure. Yesterday, we inaugurated a new cybersecurity Center of Excellence, which will bring together industry and government experts to research and develop new cutting-edge cyber technologies. We’re also establishing a national testing lab, where companies can test their systems’ security under simulated attacks. And because every enterprise is potentially vulnerable, the Small Business Administration is offering cybersecurity training to over 1.4 million small businesses and their workers.

Fourth, we’re doing more to help empower Americans to protect themselves online. In partnership with industry, we’re launching a new national awareness campaign to raise awareness of cyberthreats and encourage more Americans to move beyond passwords—adding an extra layer of security like a fingerprint or codes sent to your cellphone. At the same time, leading technology firms like Google, Facebook, Dropbox and Microsoft are making it easier for millions of users to secure their online accounts, while credit-card and payment companies such as Visa, MasterCard and PayPal are making transactions more secure.

Finally, because government doesn’t have all the answers to these complex challenges, we’re establishing a bipartisan Commission on Enhancing National Cybersecurity to focus on long-term solutions. Working together, my administration and congressional leaders will appoint top business, strategic and technology thinkers from outside government to provide specific recommendations for bolstering cybersecurity awareness and protections across the public and private sectors over the next decade.