IT Security Budgets Triple As Businesses Confront More Cyberattacks
CIODIVE, February 15th, 2023
The cost of combating cyberthreats has soared the past five years, as median IT security budgets more than tripled to $5.3 million in 2022, compared with $1.4 million in 2018, according to a report by Hiscox.
The report highlights the growing risk cyberattacks pose to businesses across the globe, as well as the increased financial toll these attacks are having on corporate finances.
Companies are spending millions of dollars to protect their data and operations against sophisticated attacks, the survey found.