Govt and BFSI IT heads keen to up the security budget by 25pc next year

|March 3, 2017 0

BANGALORE, INDIA: IT security is now a major concern and has gone up the business priorities list. Even though organizations are progressively looking for a modern business environment, they are concerned about having a proper security environment in place owing to the open nature of the Internet and increasing cyber threats, says a study by VMware.

The study that identifies key CIO priorities in India for the next three years suggests how IT/ Data security is a key challenge organizations face in the mobile cloud era and where new security approaches are needed as data center infrastructures increasingly move to the cloud.

As per the research findings, 86 percent of organizations see their IT budget increasing over the next 3 years and 80 percent of businesses are willing to invest time, money and skill on cloud services.

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Currently the adoption of the public cloud is high compared to that of private/hybrid cloud. Only basic data such as emails, messaging services, CRM are stored on the public cloud owing to data security concerns.

Study findings reveal that very large enterprises (80 percent), large enterprises (83 percent) and medium enterprises (82 percent) are likely to invest in private cloud. Likewise, a high majority of them are also keen to invest in public and hybrid cloud. 87 percent of respondents in the IT/ ITeS/ Telecom sector; 55 percent of respondents in the manufacturing sector; 64 percent in banking, financial services and insurance (BFSI); 53 percent in government/public sector/defence; and 65 percent from other services agree IT security is amongst the top business priorities.

Apart from CIO’s focus on IT operational efficiency and improvement of IT agility, managing security and compliance risk is gaining prominence as a top IT priority for companies. 61 percent of respondents from BFSI and 57 percent of respondents from IT/ ITeS/ Telecom rank managing security and compliance high owing to the nature of their business.

Losing customers’ trust and public disclosure of sensitive data are considered as main concerns by organization. 87 percent of organizations’ security team want to have business data safe from breaches and secure against cyber-attacks.

“With nearly 25 percent of all IT workloads being managed in the cloud today, and the number expected to double by 2021, it is evident that the traditional on-premises IT environment is undergoing a profound change. Today, CIOs play an extremely essential role in their organization’s IT, and it is of utmost importance to have enterprise data available always – anytime and anywhere while tightly secured,” said Arun Parameswaran, managing director, VMware India.

Despite increase in IT budgets in very large enterprises, CIOs are unhappy as the budget is either insufficient nor aligned properly. Findings also indicate that respondents from the government (70 percent) and BFSI (67 percent) feel that budget for security should increase by 25 percent over the next year.

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