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With IT staffing hires on the rise, it should come as no surprise that companies are increasing their investments in IT departments and accompanying technologies, such as cloud solutions and data security software.
Research from Canalys reported that IT security spending is set to reach $30.1 billion by 2017, with medium-sized businesses expected to invest the most over the next five years. Overall, the market will experience 6.6 percent growth, however, medium-sized enterprises will see a 7.3 percent increase in investment.
"Medium-sized businesses are prioritizing more of their IT budgets and resources to ensure their businesses are compliant with various data protection regulations," the report explained. "They also want to give their customers reassurance about the services they provide."
However, ZDNet warned that an increase in overall spending does not guarantee high returns on investment for companies. While it may be tempting for firms to continue funneling money into IT security, the article explained that investment needs to be made in a targeted manner to avoid waste and mitigate risk.
When researching security solutions, there are a number of options from which IT network services departments and businesses will have to choose, including identity and access management, cloud computing, anti-theft solutions for mobile devices, visual privacy policies and self-encrypted devices (SEDs), InformationWeek explained.
Each of these solutions addresses growing trends within the IT sector, such as bring-your-own-device (BYOD), but that doesn't mean any of these should be implemented in isolation. Most companies are now using a combination of tools to promote efficiency and will thus need to implement technologies in combination with one another to prevent compromise.
As budgets are stretched thinner, this could become a challenge, underlining the need for collaboration between departments to address security concerns in a cost-efficient manner.