Despite billions spent on cybersecurity, companies aren’t truly safe from hacks

Last year, private sector companies globally spent more than $75 billion on security software to safeguard their systems and data.

That number is expected to grow about 7% annually, according to Gartner and other analyst firms. It doesn’t include all the massive amounts spent on fraud prevention by banks, a number that is widely underreported and expected to reach into the billions annually.

Has all that spending made private sector data and systems any safer? Is customer personal data any safer?

The general answer is no, according to many analysts, but that’s not necessarily because the latest software is considered ineffective.

As security software has grown more sophisticated in recent years, so have the bad guys. Data breaches have soared in the past two years. One of the worst emerging problems is ransomware, where hackers demand payment to return sensitive data they’ve stolen or locked up to the rightful owner.

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