Security News > 2024 > July > Companies spend more on cybersecurity but struggle to track expenses

Most companies do not know how effectively they are investing money to fight the cybersecurity threat, according to Optiv.

Cybersecurity budgets are increasing and cyber incidents are rampant, and yet only a small percentage of respondents have a formal approach to determining cybersecurity budgets, which can lead to inefficiencies and missed opportunities to address critical security gaps.

63% of organizations with more than 5,000 employees had an average of $26 million allocated to cybersecurity investments in 2024.

The report shows a significant rise in data breaches and security incidents, with 61% of respondents experiencing a data breach or cybersecurity incident in the past two years, and 55% of respondents experiencing four or more incidents in that timeframe.

The top three areas of investment for 2024 cybersecurity budgets are internal security assessments, identity and access management programs and the acquisition of additional cybersecurity tools.

"Part of the complexity organizations continue to face in dealing with threats is due to the number of ineffective technology tools. Recognizing this, IT professionals and senior leadership are becoming more cognizant of the importance in strengthening their security posture, resulting in the increase of cybersecurity budgets and allocating funds based on proven effectiveness in reducing security incidents," added Ponemon.

News URL

https://www.helpnetsecurity.com/2024/07/03/cybersecurity-budgets-approach/