The Cyber Security Review | Thursday, December 22, 2022
New data from the 2022 Cyber Security Insights Report from leading global intelligence and cyber security consultancy S-RM has found that cyber security budgets are set to increase an average of only 11 per cent over the next 24-36 months.
FREMONT, CA:According to new statistics from the 2022 cyber security insights, cybersecurity budgets are expected to rise by an average of only 11 per cent over the next 24-36 months. With 13 per cent of those surveyed across the UK anticipating budget decreases over the next 24-36 months, high levels of inflation mean that UK organisations will be experiencing cuts to their cyber budgets through 2025.
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In 2022, organisations would spend over a quarter (26 per cent) of their annual IT budgets on cyber security. When compared to survey results from 2021, the research also shows an average growth of five per cent year over year in the budget for cyber security.
Additionally, it was discovered that smaller businesses are more likely to devote between 40 and 60 per cent of their IT spending to cyber security. Currently, 20 per cent of businesses with yearly revenues between USD 500 million and USD one billion devote this amount of their IT expenditure to cyber security. This contrasts with just 10 per cent among businesses with yearly revenues between USD one billion and five billion.
In the US (26 per cent), and the UK (25 per cent), organisations invest an average of 25 per cent of their IT budgets on cyber security. The average estimated increase in budgets for cyber security over the next two to three years, however, varies widely across the markets questioned, with the UK reporting an anticipated increase of 8% and the US reporting an increase of 14 per cent.
Decision-makers in the UK were more likely than those in the US to believe that budgets for cyber security might rise in the future as a result of the need to adapt to changes in compliance and regulations (42 per cent vs. 35 per cent in the UK). Comparatively, a higher percentage of US decision-makers (43 per cent) than UK decision-makers (29 per cent), said that cyber spending might increase as a result of their organisation increasing its focus on resilience.
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