Expert: Online security, data protection spending impacted by economy

As fears associated with online security breaches continues to rise, the global economy is having a negative impact on how organizations are defending against such incidents. According to a recent SC Magazine report by Phil Allen, budgets for security and data protection are likely the first areas to shrink when spending is cut.

Although investment in these areas may be decreasing among some businesses, the writer suggested there are cost-effective options to ensure they remain protected against threats.

"In these times of austerity, security can be achieved without large capital investment; IT departments just need to take a number of sensible precautions to ensure security of information and access governance," wrote Allen. "Organizations certainly can't afford to be lax when it comes to security."

Some helpful solutions include identity and access management systems. The writer also noted that many employees are tasked with remembering too many passwords, which can be addressed with the use of password manager software.

IT nonprofit CompTIA recently conducted a study and found that more than 80 percent of participants believe security threats are growing, placing even greater emphasis on proper data protection technology.