Scalar is thrilled to welcome Mike Reagan, Chief Marketing Offer at LogRhythm as a guest blogger discussing the state of cyber security in Canada.
Mike Reagan brings a successful track record in marketing, business development and sales management in the security, storage, networking and software industries spanning over 25 years. Before joining LogRhythm he was VP of Sales and Marketing at Vericept, where he was a member of the founding executive team. During his seven year tenure, he played a critical role in driving compound annual growth of over 90% and establishing the company as a market leader in Data Leak Prevention. Mr. Reagan has also held a variety of executive management positions in Sales, Marketing, Channels and Strategic Alliances at OnStream, Inc., Decisioneering, Inc. (now a division of Oracle) and EMC Corp. He holds a B.A degree from Providence College.
The 2016 Scalar Security Study, The Cyber Readiness Study of Canadian Organizations, independently conducted by the Ponemon Institute, shines a spotlight on the state of cyber security in Canada. The report distinguishes “High Performers” (53% of respondents) from “Low Performers”. The former are organizations that have more resources to fight the cyber security war and dedicate 43% more of their IT budget to security than low performing organizations (i.e., 12.3% of IT budget vs. 8.6%). The study reports that high performing organizations reported more cyber attacks than lower performing organizations, but they suffered fewer successful cyber attacks. As the report implies, the reality may well be that low performers may be getting hit with just as many attacks as the high performers, but they simply lack the means to detect them. And if they’re not seeing the attacks, they’re likely missing the intrusions as well. A lesson offered from the responses of the high performers is that a successful intrusion does not have to result in a successful data breach or service disruption if you can detect it early enough in the threat lifecycle.
Last October, the Ponemon Institute published their 2015 Cost of Cyber Crime Study. That research concluded “Companies deploying security intelligence systems experienced a substantially higher ROI (at 23 percent) than all other technology categories presented” and “findings suggest companies using security intelligence technologies were more efficient in detecting and containing cyber attacks. As a result, these companies enjoyed an average cost savings of $1.9 million when compared to companies not deploying security intelligence technologies.” In light of those findings, it’s not surprising that this latest Ponemon research shows that core components of security intelligence platforms, specifically Network Traffic Surveillance and SIEM, are among the most effective investments in security technologies and ranks them #1 and #2 respectively as the technologies receiving increases in spending.
The Scalar Security Study also reveals that cyber adversaries are becoming more sophisticated and effective at infiltrating networks. The good news is that the spending patterns reflected in the research suggest that organizations are identifying their cyber security blind spots and prioritizing their investments on technologies that will enable them to detect, respond to, and neutralize these threats before they can result in a material breach. The study offers a compelling tool for IT security professionals to secure the funding and C-level support required to improve their cyber security posture.