The scenario is no different in Singapore.IT companies in the country are presumed to be spending 23% of the IT budgets on computer security over the next three years. This spending was only 15% of the IT budgets until last year.
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This increasing in the spending slated for IT security is largely because the companies want ways to safeguard their data against breaches. The amount spend will also help organizations improve their customers mobile experience and drive opportunities for new services thanks to the secure systems.
While most respondents are of the view that the increase in the IT security spending is only about larger control, but almost 51% them believe it is also about business growth. This is so because any successful organization would not look at security as a growth inhibitor, rather it will considered an integral part of strategy to grow.
We live in a world where Internet of Things, mobility and BYOD (bring your own device) process have been gaining traction. Given the increase of these policies, there is an increase in data, which is largely vulnerable to security risks. In such a scenario, companies and organizations will need to ensure their devices, data and other computer programs are secure no matter the amount they have to sacrifice to achieve the same.
In Singapore there is another trend, which adds to an organization’s IT security. Despite all the security risks posed by APIs, almost 86 percent of Singapore respondents open data through APIs, just to launch applications quickly, improve customer engagement and earn better revenue. This trend is about 12% higher than in other parts of Asia-Pacific.
Considering the global rise in cyber-attacks and some vulnerable practices by organizations, it has become imperative for companies in Singapore to spend more and wisely on their IT security.