A local company is making a name for itself in the cyber security world, an industry worth more than $120 billion and counting.
Miamisburg-based Secure Cyber Defense is a young startup, just recently marking two years in business. Shawn Waldman, president and CEO, told this newspaper that its growth was almost immediate. The company provides secure IT consulting, vulnerability scanning, network services, among other security services.
“We eat, live and breathe this stuff,” he said. “There’s such a big need for this. There’s so many opportunities for us. It’s unending.”
Waldman, who is a Miami Valley native, said Secure Cyber Defense now has clients in several states including Ohio, Michigan, Maryland, North Carolina, Florida, Texas, Nebraska and Kentucky. Companies seeking input on cyber security come from nearly all industries — ranging from manufacturers and financial advisers to insurance firms and government entities.
Bill Kelly, the chief operating officer for Secure Cyber Defense, said the company continues to expand its national footprint. It currently has four employees.
“Our projections for this year are 20-percent growth,” he told this newspaper. “However as the need for cyber security continues to grow, this could be much greater. We will hire another full time person later this year, with a second as a possibility based on growth.”
Global cyber security spending will exceed $1 trillion from 2017 to 2010, according to marketing firm Cybersecurity Ventures. That’s an increase from just $3.5 billion in in 2004. What’s driving the explosion of spending? Experts say the feat of cyber crime is fueling exceptional market growth.
Cyber security is becoming ever important as more companies and government entities are subjected to hacking and cyber security threats. Just in recent months, both Arby’s and Noodles & Company told customers that they were investigating major data breaches.
Cyber crime damages will cost organizations, governments and businesses across the world about $1 trillion annually by 2021, according to the Cybersecurity Ventures marketing firm.
For Arby’s, the breach could impact more than 350,000 credit cards that were used at the chain restaurant’s locations. And, customers in several states across the country were impacted by the Noodles & Company breach, including people who visited seven local restaurants.
Major corporations are also investing significant amounts to increased cyber defense. Microsoft Corp. announced it will continue to invest more than $1 billion annually on cyber security development, and J.P. Morgan Chase & Company and Bank of America have also stated they are spending more to guard against tech crime.
Waldman said fighting cyber crime can be different for every organization. Secure Cyber Security starts by running risk assessments, and evaluates where an institution needs to start with amping up their protection mechanisms.
“It’s a layered approach,” he said. “There’s not one silver bullet.”
FIVE FAST BUSINESS READS:
Thank you for reading the Dayton Daily News and for supporting local journalism. Subscribers: log in for access to your daily ePaper and premium newsletters.
Thank you for supporting in-depth local journalism with your subscription to the Dayton Daily News. Get more news when you want it with email newsletters just for subscribers. Sign up here.