The Cyber Security Review | Monday, October 31, 2022
According to Forrester's security and risk planning guide for 2023, CISOs should consider boosting and defending their investments and paring back other investments and spending.
FREMONT, CA: Priorities for CISOs in 2023 include consolidating their organization's IT stacks, protecting their budgets, and lowering risk. It is essential to determine which security technologies provide the most value and to establish spending limits.
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Forrester's 2023 security and risk planning guide provides CISOs with prescriptive advice on which technologies to expand and defend their investments and which to consider reducing spending and investment.
Forrester advises CISOs to invest in proof of concepts in four emerging technology areas: software supply chain security, extended detection and response (XDR), managed detection and response (MDR), attack surface management (ASM), and breach and attack simulation (BAS), and privacy-preserving technologies (PPTs).
BEGIN BY COMPARING SECURITY BUDGETS
Forrester categorized businesses into two groups: those who spent up to 20 percent of their IT budget on security and those who spent 20 percent or more. Compared to data from Forrester's 2021 security study, firms with security budgets comprising 20 percent or less of overall IT budgets experienced the greatest growth in cloud security spending.
NOT RAPIDLY ENOUGH ARE SECURITY PORTFOLIOS GOING TO THE CLOUD
U.S. enterprise infrastructure leaders have migrated 45 percent of their overall application portfolio to a public cloud and expect that 58 percent will have moved within the next two years. In addition, market research estimates indicate that most enterprise security workloads are now hosted on public cloud platforms. However, according to Forrester's poll, security and risk management professionals must catch up in moving more security workloads to public clouds.
ON-PREMISES SECURITY SOFTWARE REPRESENTS THE MAJORITY OF A COMPANY'S SECURITY BUDGET
Forrester integrated maintenance, license, and upgrade charges to measure spending in this category with new investments for on-premises software. Forty-one percent of businesses that allocate less than 20 percent of their IT budgets to security invest in on-premises security software. Organizations devoting more than 20 percent of their IT budget to security allocate 38% of their expenditure to on-premises systems.
SERVICES ACCOUNT FOR CLOSE TO 25 PERCENT OF TOTAL SECURITY SPENDING
Security expenditures are rising nowadays due to the difficulty of integrating and obtaining value from internal security measures. Managed security services providers (MSSPs) are being increasingly used by organizations to address the skills gap, augment understaffed security teams, and decrease costs. As cloud security use expands, so will the requirement for specialized skills, which will continue to drive spending on services security.
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