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Data loss hits $1 trillion mark

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Data loss and ID theft alone cost businesses $1 trillion a year, says McAfee, which predicts that attacks on businesses could increase by as much as 500% this year.

McAfee claims that there was more malicious software discovered than in the last five years

combined, and that 80% of all malware is financially motivated. The security vendor blames the financial meltdown as increased motivation for cyber criminals to hack into systems and steal company data.

Industry analysts say that security systems are becoming more complex and that a large enterprise can have as many as 200 different security providers.

Jayson O'Reilly, regional manager for Africa at McAfee, says the recession is forcing organisations to consolidate security solutions providers in an effort to drive down costs.

Reducing complexity

O'Reilly points out that security systems are becoming more complex and a large enterprise can have as many as 200 different security providers.

He adds that a centralised security management platform integrates the endpoint, network, data and compliance solutions to reduce security gaps and management complexity.

“A centralised security management platform can optimise and transform the way businesses approach security, enabling unparalleled protection for the enterprise yet reducing management costs and complexity. Companies that embrace building a scalable and future-proof architecture for security are effectively empowering themselves to be more agile and to reduce costs with proactive protection,” explains O'Reilly.

Improving compliance

He adds that security plays a critical role in business compliance and helps organisations reduce IT spending for compliance requirements.

According to research company Celent, global IT spending associated with governance, operational risk and compliance activities is expected to increase at a CAGR of 6.6% overall, from $1.4 billion in 2008 to $1.7 billion in 2011.

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