In today’s digital age, high-profile data breaches are becoming more and more frequent. Corporations that have fallen prey to hackers in just the last few years include Mariott, Equifax, and eBay, among many others. When it comes to allocating corporate budgets, cybersecurity can no longer remain an afterthought and luckily most companies are taking their data security strategies seriously.
According to a recent study put together by the experts at Varonis, cybersecurity budgets have increased by 141% over the last 10 years, and show no signs of slowing down. In fact, spending on information security is expected to reach over $124 billion by this year, with 30% of companies spending on GDPR and privacy-related consulting services.
Data from the study also reveals which cybersecurity areas are the top priorities for companies around the world, by how much they spent on these services this year. These include:
- $64.2 million spent on security services
- $15.3 million spent on infrastructure protection
- $13.2 million spent on network security equipment.
These numbers are particularly interesting when compared with increased world spending over the past two years:
- Spending on cloud security has increased by 148%
- Spending on data security has increased by 38%
- Spending on other information security software has increased by 25%
Though this increase in spending signals a more developed cybersecurity awareness from corporations, allocating the necessary budget to ensure data safety can be a point of contention between executives and cyber pros. Lack of collaboration between these two departments can lead to a disagreement over budget priorities and the effectiveness of investing in certain safety measures.
Too often C-level executives rely on reactive data breach strategies instead of proactive, with 60% of execs believing that current solutions keep them safe from breaches. In comparison, only 29% of IT professionals believe their companies are safe from cyber threats and feel a lack of support from the C-suite when advocating for better security. This is an alarming statistic, as 70% of data breaches are caused by process failures.
Luckily, many companies have recognized this discrepancy and are working to improve the relationship between security professionals and executives. 75% of companies have increased their cybersecurity budgeting allocation over the past year, and 54% of execs are briefed on the state of their company’s data security at least once each year.
Moving forward, it’s estimated that worldwide spending on cybersecurity (including hardware, software, and services) will reach $133.7 billion in the next three years. This spending will most likely focus on areas such as building detection and response capabilities, privacy regulations, and addressing digital business risks.