As digital business strategies become more prominent with Australian companies, how will security expenditure evolve in the near future?
As the number of digital devices and procedures present in workplaces continues to grow, businesses need to consider how they can integrate technology smoothly with staff and existing processes.
According to technology research firm Gartner, one of the main strategies companies need to dedicate increased time and effort to surrounds security processes. Data is now an asset that’s as valuable as other tangible parts of a business, and breaches can significantly impact a company’s ability to complete work.
Creating a strategy that highlights security concerns without stifling innovation is about balancing risk and reward, and ensuring businesses have the personnel to encourage best operating practices.
What is the security outlook for Australian organisations?
Gartner Research Director Rob McMillan believes that the security landscape for the foreseeable future will be defined by the amount spent on these strategies. The firm is forecasting spending on security technologies to rise by nearly 25 per cent for Australian companies this year. If correct, this will take expenditure to just over $2.3 billion – up from $1.89 billion in 2014.
This spending focus is expected to be directed at two trends in particular, with mobile and cloud security receiving the majority of this attention from businesses. These trends interlink as well, as the rise in the use of cloud solutions within businesses is fostering bring-your-own-device programs in the workplace, meaning there are more gadgets for employers to manage.
These concerns could continue to encourage security spending beyond 2015 as well, with International Data Corporation predicting that public cloud computing expenditure will reach close to $70 billion by the end of this year.
Gartner isn’t intending to discourage businesses from pursuing innovative digital solutions, however, as the firm acknowledges that risk is inherent to business growth. Instead of avoiding it, companies should focus on introducing processes and personnel that make it easier to manage.
How are digital strategies defining business operation?
In an article on defining digital for companies around the world, McKinsey & Company made it clear that digital strategies are not limited just to technology.
While the organisation agreed that the term can and does mean different things to different businesses, it believes there are overarching lessons for them to learn. Broadly, the term involves redefining what value is and how it relates to individual businesses.
McKinsey & Company believes that digital business practices involve a move a way from static procedures to more dynamic options that are shaped by customer involvement as well as internal desires.