Cyber Security in 2018
By Jordan Barry | Head of Practices
About the Security Market
Today’s global cyber security market is worth over $71 billion (USD) and is estimated to grow to $170 billion (USD) by 2020 (Wedutenko & Chung 2015). This growth is largely due to the increase in service-based businesses. This trend inevitably means the value of a business is increasingly tied to their data, technology and web presence.
There is little doubt that we are in a period of rapid digital disruption, stemming from our adoption of new mobile and cloud-based technologies. Technology is reshaping the way we live and work is also having a huge impact on the cyber security market. As companies become increasingly reliant on digital platforms, they become more susceptible to cyber-crime. Strong cybersecurity is essential to allow businesses to take advantage of the economic possibilities of this new digital world.
Cybersecurity is one of Australia’s national security priorities under the Prime Minister’s 2008 National Security Statement. The Australian Government defines cybersecurity as “measures relating to the confidentiality, availability and integrity of information that is processed, stored and communicated by electronic or similar means” (Wedutenko & Chung 2015).
In order to protect the integrity of their own operations, businesses must implement and continually review their approach to cybersecurity. Without effective cybersecurity measures, the potential impact on companies may include:
- Intellectual property losses
- Property losses
- Legal and Regulatory Penalties
- Administrative burden
- Reputational losses
In response to the growing threat, legislation governing the protection of data, intellectual property, and associated privacy concerns is changing fast. Australia’s new mandatory data breach reporting laws (Notifiable Data Breaches scheme) came into effect on 22 February 2018. The new legislation largely mirrors similar laws introduced in other countries including the USA (Pandagoda 2018).
The MP assisting prime minister Malcolm Turnbull with cybersecurity, Dan Tehan, has estimated that cyber-crime costs the Australian economy roughly $1 billion a year (Jones 2017) here are some of the biggest security threats to businesses as of 2017:
- Email Phishing
- Account Hijacking
- Cloud-based platforms (IAAS & SAAS)
The increasing complexity of cyber attacks and the growing awareness of the security risks have compelled end-users to increase their cybersecurity spending. If there was ever a time to get into the sector, it’s now!!
Entering the Security Market
Having established that the Security Market is rapidly expanding and is a key topic for discussion among our clientele it was a foregone conclusion that JB Hi-Fi Solutions would enter this market when the time was right.
The past four years have been spent developing a capability and establishing ourselves as a successful systems integrator, providing solutions across several technology verticals including:
- Data Centre
- End User Computer
- Audio Visual & Systems
- Managed Services
With the success of these categories, the business felt the time was right to begin to build a security capability, all that was left was to find the right partner. This was not a decision we took lightly and what followed was an exhaustive evaluation process, comparing market-leading vendors across several categories which spanned Technology Solution, Market Fit, Partnership Model, Customer Segment and Support Structure. The six-month process ended with the unanimous decision to partner with Check Point Software Technologies.
Why Check Point?
Check Point was the only vendor who provided a consolidated architectural approach to cybersecurity and could provide centralised management of all aspects of their solution from a single pane of glass. This reduced overhead and management made this a perfect solution not just for our end customer but also as a supportable platform for our own managed services team.
Whilst most vendors focus on time to detect and remediate, Check Point focuses on prevention using a consolidated approach to anticipate and prevent attacks.
Checkpoints offering is scalable for all customer segments regardless of size and budget. With local support resources in VIC, NSW, WA, QLD and ACT and the Australian customer support centre (TAC) located in Melbourne, Checkpoint can provide customers with access to talented resources that can assist with operation and optimisation of their environments.
Check Point’s long history, coupled with their substantial investments in research and development makes them a great partner for JB Hi-Fi Solutions. We at JB Hi-Fi Solutions are excited by this new partnership and this new technology vertical. We look forward to working with our customers to ensure they are protected in this rapidly changing environment, and we look forward to building lasting relationships with our newest vendor partner Check Point Software Technologies.