Published on November 9, 2023, 4:07 am
Approximately 80% of organizations are looking to consolidate their cybersecurity solutions under a single vendor in the next three years, according to Microsoft Hong Kong. This statistic comes from a recent survey conducted by the company. The same survey revealed that 88% of organizations that consolidated their security portfolio reported reduced breach risk.
Fred Sheu, the National Technology Officer at Microsoft Hong Kong, highlighted the challenges faced by organizations and their desire to optimize costs and reduce complexity. Sheu stated that organizations need a comprehensive solution to locate, protect, and prevent data loss across their entire data estate.
The importance of cost reduction with improved threat protection was emphasized at the Microsoft Hong Kong Cybersecurity Summit 2022. A Microsoft survey revealed that 82% of Chief Information Security Officers (CISOs) felt pressured to lower costs while still maintaining effective threat protection.
Microsoft Hong Kong suggested that consolidating vendors is an effective way for organizations to cut costs without compromising their cybersecurity posture. The company emphasized its own Microsoft Security Solutions as a valuable option for simplifying security approaches and achieving more protection with less cost.
Microsoft Security Portfolio offers comprehensive security protection through six interconnected product families. These families cover areas such as security, identity management, compliance, and privacy, ensuring protection across multi-cloud and multi-platform environments.
Henry Li, the Director of Specialist Sales at Microsoft Hong Kong, expressed that adopting Microsoft Security’s multi-cloud and multi-platform solution can provide organizations with comprehensive security from one vendor. This is particularly important considering economic uncertainties and the ongoing shortage of cybersecurity talent.
By deploying AI and automation tools provided by Microsoft Sentinel, Microsoft 365 Defender, and Microsoft Defender for Cloud, organizations can reduce the time spent investigating threats by 65%. Additionally, they can spend 96% less time monitoring potential suspicious activity with Microsoft Purview and reduce noise by 90% with Microsoft Sentinel.
Consolidating security solutions under one vendor also leads to significant cost savings. According to Microsoft, customers can integrate up to 50 product categories and achieve up to 60% cost savings through vendor consolidation. They can also leverage the expertise of Microsoft’s security experts, reducing the complexity of managing multiple vendors.
In terms of cybersecurity threats, Microsoft Hong Kong shared alarming figures. They reported that DDoS attacks mitigated by Microsoft increased by 40% compared to the previous year. The average number of password attacks per second rose by 74%. Furthermore, insider risks remain a concern, with respondents stating an average cost of over $500,000 per incident and an average of 20 data security incidents per year.
To address these challenges, organizations are advised to simplify their security approach through vendor consolidation. This not only improves efficiency but also provides comprehensive protection and expertise needed to innovate and grow in a constantly evolving digital landscape.
The rise in cyberattacks necessitates strong cybersecurity measures. Organizations should consider consolidating their cybersecurity solutions under one vendor like Microsoft to enhance protection while reducing costs and complexity.