Research From IANS and Artico Search Reveals Cybersecurity Budgets Increased Just 6% for 2022-20…>
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This research from IANS and Artico Search reveals that cybersecurity budgets increased by only 6% for the 2022-2023 cycle.
The study asked IT and security leaders in the US and Canada about their planned security technology investments for the upcoming budget cycle.
The findings indicated that the modest increase in IT spending is due to the significant investments made in 2020 in response to the pandemic.
This may signal an end to the rapid investment in security technology that occurred in 2020.
Instead, IT and security leaders are instead choosing to focus on their existing security investments and technologies.
The researchers also found that cloud computing and security operations center (SOC) tools led the pack for investments in security technology.
Cloud security and zero-trust architectures were also identified as two of the top security priorities for the upcoming cycle.
In addition, the survey showed that security leaders are looking for operations integrations and automation to improve the efficiency and effectiveness of their security investments.
The study surveyed 550 CISOs and found a 65% decrease in budget growth for the 2022-2023 cycle, with a general downtick in cybersecurity budget allocations across sectors.
Tech firms experienced the most significant decline in budget growth, dropping from 30% to 5% year-over-year.
More than a third of organizations either froze or reduced their cybersecurity budgets.
Sectors already mature in cybersecurity, such as retail, tech, finance, and healthcare, had the lowest budget growth rates.
In the sample, CISO respondents saw a 6% budget increase in the 2022-2023 cycle, a significant slowdown from the 17% increase seen in the previous cycle.
A lower percentage of CISOs reported flat or declining budgets compared to the previous year, but the budget approval rate decreased.
CISOs whose companies increased cybersecurity budgets mentioned extreme circumstances like security incidents or major industry disruptions as the driving factors behind the budget increase.
Companies impacted by breaches added an average of 18% to their budgets, while other disruptions contributed to a 27% budget boost.
The biggest portion of the cybersecurity budget was allocated to “staff and compensation,” accounting for 38% of the overall budget.
Hiring experienced a 16% increase compared to the previous year’s budget growth.
Although mature sectors saw budget cuts, the share of cybersecurity within IT budgets remained steady, with an average allocation of 11.6%.
Some CISOs reported spending over 10% of their IT allocations on cybersecurity, while others spent less than 6%.
The variability of security allocation within IT budgets differed across sectors.
Overall, the budget growth for cybersecurity has slowed, likely due to economic pressures, but cybersecurity remains an important consideration within IT budgets.
Link: https://www.threatshub.org/blog/research-from-ians-and-artico-search-reveals-cybersecurity-budgets-increased-just-6-for-2022-2023-cycle/