In the realm of cybersecurity, managing budgets has emerged as a critical component of organisational strategy, particularly in light of escalating threats to data security and the pervasive risk of ransomware. A recent survey by Help Net Security reveals significant trends and insights regarding cybersecurity budgets for 2024, illustrating the challenges and priorities faced by organisations in their efforts to bolster security measures.
Projected global information security spending is set to reach a staggering $215 billion in 2024. However, the survey indicates that 44% of Chief Information Security Officers (CISOs) reported being unable to detect a data breach within the last year using their existing security tools. This begs the question of whether current investments are offering the protection that organisations require in an increasingly hostile digital landscape.
The article highlights a noticeable shift in cybersecurity budget trends since the peak growth years of 2021 and 2022, during which organisations, still adapting to new security needs, significantly expanded their cybersecurity programmes. Since then, the security budget as a percentage of overall IT expenditure has seen a steady rise—from 8.6% in 2020 to an anticipated 13.2% in 2024. This growth suggests a greater recognition of the importance of cybersecurity, yet the survey found that only 36% of respondents have a formal approach to determining their cybersecurity budgets, potentially leading to inefficiencies in capital allocation and risk management.
Among the primary areas of investment for 2024, the most notable are internal security assessments, with 60% of organisations planning to allocate resources towards this area, followed closely by identity and access management (IAM) programmes at 58%, and the acquisition of additional cybersecurity tools at 51%. Despite the increasing budgets, a staggering 96% of security leaders have prioritised Software as a Service (SaaS) security, with 93% confirming an increase in SaaS security budgets for 2024.
Additionally, the survey found that 92% of organisations are contemplating investment in AI-powered software within the same timeframe. Notably, according to Gartner, total spending on AI software is projected to swell to $297.9 billion by 2027, with a compound annual growth rate of 19.1%.
Conversely, while 92% of businesses reported an increase in their allocated cybersecurity budgets, the scale of these increases varied significantly. A substantial portion of these organisations—36%—saw budget increases between 20% and 49%, while 23% experienced increases exceeding 50%. Nonetheless, lingering doubts about compliance readiness remain, with only 40% of respondents expressing confidence that their organisation has made the necessary investments to fully comply with relevant cybersecurity regulations.
As organisations navigate this complex landscape, the emphasis on developing a structured, analytics-driven approach to budgeting for cybersecurity appears increasingly critical for ensuring efficacy in safeguarding IT infrastructure against ever-evolving threats.
Source: Noah Wire Services