Security News > 2023 > June > Factors influencing IT security spending

Security executives are overwhelmingly craving more AI solutions in 2023 to help them battle the growing cybersecurity threat landscape, according to Netrix Global.

Interestingly, when looking at other findings around spending decisions, security executives said that supply chain issues and the growing distributed workforce are likely to have a more significant influence on IT security spending in 2023 than the looming recession.

The study found that a mere 38% of executives said that the looming recession would significantly influence their IT security spending this year.

"It's not surprising that the distributed workforce continues to be a key focal point for executives responsible for managing the security budget. But on the flip side, it was interesting to see how much the ripple effect of supply chain issues are influencing IT security spend," Reeder continued.

"It's surprising to see that phishing ranks in the middle of the field of concerning cyber threats, yet email was listed as the most vulnerable software/application to security threats. Phishing attacks continue to get more sophisticated and targeted, with increasing risk as AI technology continues to proliferate and reach a wider audience."

"We've been talking about the talent gap in IT and security for some time now, and it's starting to have a more significant impact on companies as they rely on technology to operate and secure their business," added Reeder.

News URL

https://www.helpnetsecurity.com/2023/06/09/it-security-spending-barriers/