Intelligent CISO Issue 1 - Page 55

Companies increasingly turning to cloud for improved security Dragan Petkovic, Security Product Leader, ECEMEA Oracle ccording to a report from The Economist Intelligence Unit and Oracle, organisations have witnessed a 42% increase in hacking, a 39% growth in malware and a 23% rise in financial theft over the past two years. Globally, cybercrime is expected to reach US$2 trillion by 2019. A The increasing complexity of emerging technologies and advances in hacking practices mean that enterprises and their legacy networks – often built with kit bought from multiple vendors at the cheapest price at auction, by a procurement team over the years – may no longer be safe. Of top concern is infrastructure downtime, security threats and vulnerabilities and data protection. Companies are responding through several ways, including hiring CEOs who www.intelligentciso.com | Issue 01 come from the cybersecurity space, as they know how to manage risk and speeding up their migration to the cloud, with mature users understanding that cloud computing provides better security than poorly deployed or legacy licence (on-premise) systems. Ensuring regulatory compliance Apart from protecting themselves from external threats, companies around the world are increasingly being required to comply with data privacy regulations, such as the Protection of Personal Information Act (PoPI) in South Africa. The PoPI Act states that organisations must take appropriate measures to protect personal information against unlawful access or processing, as well as loss, damage, or unauthorised 55 Data breaches that result in confidential data being compromised, whether it is just released to the general public or used for malicious purposes, have become almost a daily occurrence. Dragan Petkovic, Security Product Leader, ECEMEA Oracle, says that makes cybersecurity non- negotiable for organisations.