51% Of CISOs Declare Budget As The Most Problematic Strategic Cyber Security Execution Barrier I…>
Z News Service – Lauren Redford
The 2023 Cyber Security in Focus Report by Stott and May surveyed 60 CISOs and security leaders in EMEA and North America to understand the challenges they face in executing cybersecurity strategies.
The report highlights several key findings:
1) Budget restrictions have become the top obstacle for CISOs, surpassing internal skills gaps and other challenges. 51% of CISOs highlighted funding constraints as the most significant impediment to strategy execution.
2) Hiring and retaining qualified cybersecurity professionals remains a persistent difficulty. 66% of security leaders find it challenging to locate suitable candidates, and 69% of security positions remain vacant for over 8 weeks.
3) Salary expectations in the cybersecurity profession are rising. 47% of CISOs reported year-on-year remuneration increases of over 11%, adding further strain to cybersecurity budgets.
4) While organizations prioritize strategic investments in cybersecurity, limited funds restrict exploration. 44% of CISOs expect their budgets to remain the same or decline.
Only 53% feel that security investments are keeping up with digital business needs.
5) The top three investment priorities for CISOs in 2023 are cloud security (25%), identity and access management (IAM) (20%), and security and vulnerability management (18%).
These areas have gained significance due to the evolving threat landscape.
6) There is a growing emphasis on integrating cybersecurity with overall company strategy. 55% of security leaders consider cybersecurity a strategic priority for their organizations, and 60% believe that it improves the value proposition to clients.
7) Industry experts stressed the need for understanding the business and shaping a narrative that resonates with key stakeholders.
They also highlighted the challenge of cybersecurity professionals being focused solely on one organization, potentially missing out on broader experiences and context.
Overall, CISOs face multiple challenges in executing cybersecurity strategies, including budget limitations, talent acquisition, rising salary expectations, and the need to balance security performance with cost management.
Integrating cybersecurity with corporate planning and prioritizing strategic investments are important factors in overcoming these challenges.
Link: https://www.znewsservice.com/technology/51-of-cisos-declare-budget-as-the-most-problematic-strategic-cyber-security-execution-barrier-in-2023/10051/