Joe Payne, CEO of Code42, outlines the financial cost of insider security incidents to enterprises.
Opinion
Payne: Big tech firms like Cisco and Oracle cannot execute stolen ideas
“I think sometimes entrepreneurs are worried that if they talk to a big company, if they talk to, you know, a Splunk or a Cisco or Oracle or somebody like that, that they're going to steal their ideas. And in my experience, those companies have trouble executin…”
Assertion Partly supported
Payne: Security budgets grew 5% in 2023 vs historical 30-35%
“I think the data showing right now, security budgets are growing about five percent in 20, 23. And, you know, historically over the last 10 years, security budgets grow 30 to 35%.”
Insight
Payne argues growth trumps profitability for SaaS companies before reaching scale
“I still believe, and I know it's unpopular this month, but the growth trumps profitability right now, especially if you're early in a market and you're not at scale.”
Assertion Not checkable as stated
Payne: Most corporate data loss originates from insiders, not external actors
“Most data loss actually comes not from external actors, but from insiders, from employees, from contractors sometimes malicious, sometimes accidental, sometimes sort of in the middle, and so what we see is that about 60% of employees admit that they took data …”
Opinion
Payne: Large Enterprises Are Taking Unusually Long on Tech Purchasing Decisions
“Today in this economy, big companies are taking forever to make a decision on new technology purchases”
Assertion Not checkable as stated
Payne: Code42 Surpassed $50M ARR on New Security Product Last Year
“We were over fifty billion in ARR last year on that one product, on the new product.
[614] Nathan Latka: You said fifty million, right?
[616] Joe Payne: Five-zero, yeah.”