Only 9% of IT budgets are dedicated to security; decreased spending expected>
SC Magazine – Steve Zurier
A recent “State of Trust Report” by Vanta reveals that many organizations have reactive security strategies and lack strong risk visibility.
On average, companies only allocate 9% of their IT budget to security, despite the need for increased spending.
Furthermore, 60% of surveyed businesses have reduced or plan to reduce their security budgets.
The report indicates that 67% of respondents believe their businesses should improve security and compliance measures, and they see potential time savings of two hours per week if security tasks were automated.
Lack of staffing and insufficient automation were identified as the main barriers to building customer trust.
Vanta researchers suggest that organizations should adopt a holistic trust management approach, using AI to automate security tasks and communicating their security measures effectively to instill confidence in customers.
The report recommends centralizing security processes, automating compliance, and accelerating security reviews to turn trust into a marketable advantage.
The ideal budget for security varies based on organization size, risk tolerance, industry, and regulatory requirements.
While historically security teams have been allocated between 5% to 7% of the IT budget, increasing complexity and expanding threat landscapes have led some experts to recommend spending 10% to 15% on security programs, compliance, and business continuity.
Threat intelligence and behavior change training for employees are also important investments.
To protect against cyberattacks, organizations should implement modern and integrated cybersecurity solutions that provide comprehensive visibility and control.
Link: https://www.scmagazine.com/news/only-9-of-it-budgets-are-dedicated-to-security-as-decreased-spending-expected