Security News > 2024 > January > Facts and misconceptions about cybersecurity budgets

Managing and allocating budgets for cybersecurity and IT has become an increasingly critical aspect of organizational strategy.

A well-structured cybersecurity budget is crucial for staying ahead of emerging threats and minimizing potential risks.

While security budgets are increasing at a lower rate, security budgets as a share of IT budgets are trending up, suggesting the impact on security spending is moderate compared to IT spending.

Since 2020, security spending relative to IT spending has increased from 8.6% to 11.6%, with technology firms reporting the largest proportional spending at 19%. Cloud service inefficiencies drain IT budgets.

Despite an average cybersecurity budget increase of 29% in 2023, respondents say they need a further 40% rise to be confident in their ability to mitigate security risks.

Tight budgets and burnout push enterprises to outsource cybersecurity.

News URL

https://www.helpnetsecurity.com/2024/01/03/cybersecurity-budgets-facts/