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Irish IT Security Trends - 2005
iReach, May 2005, Pages: 31
The area of IT security is one which has probably received the most press as it often concerns issues such as virus alerts and hacker activity. Although this may well interest the average reader, the effect it has on the average CIO is markedly different. A substantial percentage of their budget is now allocated to IT Security investments with this percentage varying from industry to industry. CIOs need to be aware of leading edge movements in a dynamic industry in order to fully benefit from their security investment.
Total spending on security information technologies in the Irish marketplace is expected to reach €90 million in 2005. Financial services and manufacturing will be the two main industrial sectors making investments in 2005, together accounting for more than 42% of the total market share.
The wholesale integration of Enterprise Security Management has broken down internal barriers traditionally associated with IT & non-IT security concerns. Financial institutions among others need to be particularly aware of identity management as consumer concern is growing in relation to identity theft attacks such as phishing, thus influencing their online activity and even driving some to curb online purchases.
On a corporate level, CIOs will gain most from their security policy once the business needs and motives are defined. The benefit of secure technology lies in the fact that it, in turn secures strategic and confidential information, particularly relevant following the introduction of more stringent risk management legislation such as Sarbanes Oxley and others. Heightened security concerns have fostered a higher level of industry discussion and activity around application level security. Outsourcing has been equally evident in the security industry in the form of Managed IT Security services with such hosted security services expected to be worth €12 million in Ireland alone by the end of 2005.
In parallel with this increase in IT Security spending has arisen a requirement to bridge the knowledge gap in terms of what technology is available to drive IT security in line with organisational requirements. CIO’s must establish primarily their full security needs and secondly choose the vendor who best delivers these.
Products Mentioned:
- Symantec
- McAfe
- Cisco
- Sophos
- ISS
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