77% physical security systems are in desperate need of an update

February 28, 2020

European IT executives are worried about the physical security of their systems, according to a new survey.

Having polled 1,000 IT across the continent, hosted security provider Morphean has revealed that 77% believed their physical systems were not optimised. One in five said that updating those systems would be a priority this year.

The research comes on the back of an EY study that revealed that cybersecurity is often seeing it as an afterthought. Only a third organisations said that cybersecurity concerns were part of the planning stage when new businesses initiatives were launched.

The cybersecurity is pegged to grow massively in the next year. It is expected to be worth $281.74bn by 2027, according to a recent report from Fortune Business Insights, the research firm. E-commerce is estimated to be a key driver for the market being expected to more than double in the next seven years.

Cybersecurity is the biggest RegTech sector out there when it comes to investment. The cybersecurity sector has attracted 22.2% of the total RegTech investment between 2015 and 2019, according to RegTech Analyst’s data.

Comparatively, the compliance sector only picked up 17.7% of the investment, and identification and background checking companies netted 16.2% of the total investment. In total, RegTech companies raised over $17bn between 2015 and 2019 across 947 transactions.