CSO – by Mary Pratt
As security budgets continue to rise, where is the money going? Recent surveys offer insight into CISO spending for the year ahead.
Enterprise spending on cybersecurity is expected to hold steady in 2022, as studies show that nearly all CISOs are getting a budget increase or level funding in the new year—only a small fraction of security chiefs will see their budgets fall.
CSO’s 2021 Security Priorities Study found that 44% of security leaders expect their budgets to increase in the upcoming 12 months; that’s a slight bump-up from the 41% who saw their budgets increase in 2021 over 2020. Fifty-four percent of respondents say they expect their budgets to remain the same over the next 12 months. Only 2% said they’re expecting a decrease—a much smaller figure than the 6% who saw their spending drop from 2020 to 2021.
Sam Rehman, CISO for EPAM Systems, says cybersecurity budgets for 2022 reflect the ever-increasing interest from the rest of the executive team and the board in the enterprise cybersecurity program.
According to the PwC report, “Organizations know that risks are increasing. More than 50% expect a surge in reportable incidents next year above 2021 levels.”
Rehman says the volume of attacks is only one of the factors that have many organizations boosting their security spend. He says executives also see the significant impact breaches have. And how the ease of monetizing attacks in the age of anonymous cryptocurrency keeps attackers well motivated.
“Those three things have upped the game,” he says.
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