How Much is Spent on Cybersecurity?
Enterprise spending on cybersecurity is expected to remain stable in 2022, according to studies, as nearly all CISOs will see budget increases or level funding in the new year—only a small percentage of security chiefs will see budget cuts. Let’s see how much is spent on cybersecurity. According to CSO’s 2021 Security Priorities Study, 44% of security leaders expect their budgets to increase in the next 12 months, a slight increase from the 41% who saw their budgets increase in 2021 over 2020.
Fifty-four percent of respondents expect their budgets to remain unchanged over the next year. Only 2% expect a decrease, which is significantly lower than the 6% who saw their spending fall from 2020 to 2021. According to PwC’s 2022 Global Digital Trust Insights report, “investments continue to pour into cybersecurity,” with 69% of responding organizations anticipating an increase in cyber spending in 2022.
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Trends Influencing The Budget
According to Sam Rehman, CISO at EPAM Systems, cybersecurity budgets for 2022 reflect the growing interest in the enterprise cybersecurity program among the rest of the executive team and the board. “Organizations are aware that risks are increasing,” according to the PwC report. More than half of respondents anticipate an increase in reportable incidents above 2021 levels in the coming year.” According to Rehman, the volume of attacks is only one of the factors driving many organizations to increase their security spending. Executives, he claims, are also aware of the serious consequences of breaches. And how, in the age of anonymous cryptocurrency, the ease of monetizing attacks keeps attackers motivated.
Priorities For Spending
According to CSO’s survey, spending is distributed across several areas, with 20% allocated to on-premises infrastructure and hardware, 19% to skilled staff, and 16% to on-premises tools and software—According to Shawn Eftink, senior director analyst for emerging technologies and trends at Gartner, CISO spending can be divided into four categories.
The first promotes location-independent security, resulting in a cybersecurity program that views identity as the de facto perimeter that must be safeguarded. The second contributes to the advancement of the security organization. According to Eftink, security departments are coming under increased scrutiny as boards add more directors with cybersecurity experience. The third bucket includes evolving technologies; organizations are investing more in emerging and maturing security technologies, such as breach and attack simulation tools, as well as the technologies required to secure their expanding cloud environments.
Finally, outsourcing is a type of spending that allows them to improve the efficiency of their security operations while also dealing with internal staffing issues.
Spending Wisely
“Spending doesn’t always equate to security,” Eftink says, echoing a widely held belief in the industry. Indeed, he predicts that CISOs will have to continue driving efficiencies and becoming more effective with either the same or minimally increased budgets. To do so, they must continue to shift security to the left, incorporating it from the start into the operational processes and digital products that power the business. Visit here to know more about how to get as a front end developer
Sudarsan Chakraborty is a professional Blogger and blog writer. He lives and breathes in the blogging industry. He regularly writes on Widetopics to keep all the readers updated with the latest facts on wide range of topics.
