More than 70% of mid-tier companies say they prefer 'Security as a Service' over on-premise solutions, according to a new 451 Research study commissioned by OPAQ Networks. 451 Research surveyed 301 IT security professionals at U.S.-based businesses with 500 to 2,500 employees.
The study found 82% of respondents spend 20 to 60 hours of in-house staff resources a week and an average of $178,000 annually on network security, representing 39% of their total IT security budget. Even worse, 40% of respondents project their spending on network security will increase 10% to 20% in the next year.
The research firm found that the "financial burden" of security will only continue to increase for companies. Spending on network security in particular is forecast to grow nearly twice as fast as overall IT security spending over the next five years, according to the report. 451 Research projects network security spending will grow 8.9% over the next five years, from $2.4 billion in 2016 to $3.5 billion in 2021.
With cyberthreats increasing, mid-tier companies are spending more time and money to keep up. It makes sense that they may prefer to turn security responsibilities over to outside providers rather than continue to try to keep on top of constantly evolving threats.
As cybercriminals grow more savvy and more brazen, Security as a Service can reduce costs and allow companies to focus on their primary objectives instead. It also puts the burden of network protection outside of an organization.