Davos WEF
Davos WEF

We're investing big in cybersecurity: Cisco

Cisco invests big in cybersecurity

Cisco has upped its investment in cybersecurity as governments and business worry more about the threat of data breaches, its global sales chief told CNBC.

"Security is the number one thing. You go and meet government leaders, you go and meet business leaders, the one thing that's on their mind is security," Chris Dedicoat, executive vice president for worldwide sales at Cisco, told CNBC in an interview at the World Economic Forum in Davos.

"'Help us in this world where everything in this world is connected.' So that's a big investment area for us and we think a great opportunity."

The comments come amid a rising threat of state-backed attackers and some high-profile data breaches. Cybercrime will cost businesses $2.1 trillion globally by 2019, up four times from the estimated cost in 2015.

Last year saw a number of high-profile hacking attacks from adultery website Ashley Madison to telecoms company TalkTalk.

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Dedicoat also said that data is becoming increasingly important for companies that want to set themselves apart from their competitors.

"We're blessed in one way, the things we carry, bits and bytes, is doubling every year…data is the new currency when it comes to how companies really differentiate themselves," Dedicoat said.

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