Corporate spending on security is on the rise, but security analysts say it's not nearly enough.
"Have we put enough money towards this problem? The answer is no," said Tracey Vispoli, worldwide cybersecurity product manager at insurance company Chubb. "Companies used to spend 3% to 5% on security, but those companies today are clearly losing the cybersecurity battle."
Vispoli believes companies need to be spending upwards of 10% to 15% of their IT budget on security to be properly defended against attacks.
Despite an increase in very public cyberattacks, many companies remain resistant to increasing their level of protection.
"It's considered overhead, because it doesn't make money for the company, but it's obviously a huge risk to revenue," said Adam Rice, chief security officer for Tata Communications. "If you had a fire, that's a good reminder to get fire insurance. But in cybersecurity, you could have a large problem and not even know it."
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