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By Clare O’Gara
Thu | Aug 1, 2019 | 5:19 AM PDT

Enterprise companies are putting their money where their mouth is when it comes to cybersecurity.

But according to AttackIQ and the Ponemon Institute, these firms are struggling to tell if their efforts are actually working.

Their recent report, "The Cybersecurity Illusion: The Emperor Has No Clothes," shows significant holes in cybersecurity awareness.

ZDNet covered the report's details:

On average, enterprise firms are spending $18.4 million every year on cybersecurity and 58 percent are planning to increase this level of investment by up to 14 percent over the 2019 - 2020 period. 

However, those surveyed admitted that after deployment, cybersecurity solutions monitoring is thin on the ground and a total of 53 percent have no idea how well the tools and software implemented in corporate networks are performing. 

With 47 cybersecurity solution deployments reported as an average, it is no wonder that IT staff have a tough time tracking and monitoring each tool.

And in a quote from Yahoo! Finance, Ponemon Institute Chairman Larry Ponemon expressed his concern over the findings:

"The significant number of security experts who have observed a security control falsely reporting it blocked a cybersecurity attack is alarming.

When processes and solutions like this fail, many companies respond by throwing more money at the problem.

Further security spending needs to be put on hold until enterprise IT and security leaders understand why their current investments are not able to detect and block all known adversary techniques, tactics and procedures."

Want to see the data for yourself? Check out the report here.