Google “Security Priority”, click the news tab, and count how many articles relate to cyber security.
Cyber security is but one aspect of the security triad, and yet it is becoming a priority for a whole spectrum of organisations ranging from governments to small charities. We are bombarded daily with news about data breaches and ransomware attacks, and by 2032, the cyber security market is expected to be worth $408bn globally1.
Whilst the pressure to secure networks and devices, and reduce cyber vulnerabilities is essential, an equal focus on physical security must continue in order to maintain the mutually supportive triad of security disciplines that protects people, property, and information.
By 2030, it’s thought that the commercial physical security industry will be valued at only $158bn2, globally.
The converged approach to security is three sides of a pyramid – cyber, physical, and people. By removing a single side, the structure becomes unstable, and if too much pressure is applied to one aspect, the structure flattens.
It’s a house of cards. The focus on cyber is making many organisations’ approach to security structurally unsound.
Elizabeth I, whose Secretary of State Francis Walsingham had an enviable network of agents throughout Europe, was not immune to insider threats. In October 1597, John Gerard – a Jesuit priest imprisoned in the Tower of London escaped after he befriended and bribed his jailor. Security in the Tower focused on physical security measures, but the insider threat was overlooked on more than one occasion. The structure flattened.
Fast-forward over four centuries, and the global market for screening and vetting, to prevent insider threat, is expected to be valued at $34.25bn3 by 2032. This low figure does not incorporate the associated cost of recovering from an insider threat incident, estimated at $11.45m – per incident4.
The cyber security market will be worth more than twice the value of the physical and people (investigations) aspects of the security triad by 2032. If a ransomware attack, or access to your network and intellectual property is of concern you would be wise to learn from the mistakes of the past, even as far back as 1597, and make sure you have strong physical security measures, and trusted people, to prevent access to the jewel in your crown.
Physical security may be old-fashioned compared to these new disciplines, but it is the building block of stability. A person’s home is their sanctuary, and that the global domestic physical security market will be valued at £118bn5 by 2030 - £40bn less than commercial market – demonstrates that businesses are drastically underinvesting in their physical security measures.
For the structure to be sound, there needs to be increased investment in the sector.
The nightclub your teenagers go to at the weekend – do you want the security team protecting them to be professional, licensed, accountable, medically trained, and able to respond to incidents?
If we demand the best security for events, hospitality, then the investment in people and physical security for business needs to match that of cyber - and exceed that of the domestic physical security market.
It’s right before your eyes.
If you want to find out more about how Toro can support you with your security, please email mike@torosolutions.co.uk and he would be happy to have a no obligation phone call to see how Toro can help.
2 https://www.globenewswire.com/en/news-release/2023/10/10/2757420/0/en/Physical-Security-Market-Size-Share-Trends-Competitive-Insights-Outlook-and-Forecasts-2023-2030-According-to-RationalStat.html
3 https://www.skyquestt.com/report/background-check-market
5 https://www.skyquestt.com/report/home-security-systems-market