Security News > 2023 > November > Only 9% of IT budgets are dedicated to security

Despite their best efforts, 67% of businesses say they need to improve security and compliance measures with 24% rating their organization's security and compliance strategy as reactive, according to Vanta.

The expansion of attack surfaces in a post-pandemic hybrid world, combined with shrinking teams and budgets and the rapid rise of generative AI, are fueling an urgent need for companies to improve - and prove - their security posture.

Businesses spend an average of 7.5 hours per week - more than 9 working weeks a year - on achieving security compliance or staying compliant.

Only 9% of businesses' IT budgets are dedicated to security, with 1 in 3 leaders saying their IT budgets are continuing to shrink.

70% of leaders say that a better security and compliance strategy positively impacts their businesses thanks to stronger customer trust, while 72% agree that a better security and compliance strategy would make them more efficient.

"For companies at the forefront of disrupting the security status quo, centralizing processes, automating compliance and accelerating security reviews can turn trust into a truly marketable advantage. By closing the loop on the security lifecycle from compliance through continuous monitoring and communication, businesses can transform how they build trust and ultimately unlock growth."

News URL

https://www.helpnetsecurity.com/2023/11/20/businesses-security-compliance-strategy/