IT Security Budgets Soar As Orgs Battle Rising Threats
Security Boulevard, April 4th, 2023
Median IT security budgets have more than tripled-to $5.3 million in 2022 from $1.4 million in 2018-leading to a significant increase in the cost of combating cybersecurity threats over the past five years.
These were the results of a Hiscox survey, which also revealed nearly a quarter (23%) of IT security budgets are now dedicated to cybersecurity, up from just 10% five years ago.
Meanwhile, the percentage of organizations with cyberinsurance has risen sharply, to 64% from 41% percent in 2018.
Despite the rise in overall budgets and the increasing share of cybersecurity investment, the number of companies without a dedicated cybersecurity role is still at 16%, the same as it was in 2018.
Piyush Pandey, CEO at Pathlock, said one could argue that 16% shows a distinct minority, but given the high-profile attacks and data loss the industry sees regularly, it's surprising as well.