"Businesses Boost Security Budgets. Where Will the Money Go?"

A new report revealed that most organizations plan to invest more money in cybersecurity. However, it remains unclear as to whether additional cybersecurity investments will prepare organizations to face advanced attacks that target the supply chain and cross hybrid infrastructure. The data management software company Splunk, in collaboration with the IT analyst, research, validation, and strategy firm Enterprise Strategy Group, surveyed 535 security leaders to gain further insight into security teams' spending challenges and priorities. More than 80 percent of the security leaders revealed that their organization will increase cybersecurity spending, with 35 percent having said that there will be a "significant" boost. Over half of the respondents said cyberattacks increased during the COVID-19 pandemic, and 84 percent said that they experienced a major security incident within the past two years. The most common types of attacks include email compromises, data breaches, mobile malware attacks, distributed denial-of-service (DDoS) attacks, phishing attacks, ransomware attacks, and regulatory compliance violations. Over 40 percent of the security leaders cited IT time and personnel needed for remediation as the primary cost of security incidents. Other significant costs behind security incidents include loss in productivity, disruptions to applications and systems, disruptions to business processes, the breach of confidential data, public breach disclosure, and employee termination or prosecution. Security spending is expected to increase significantly in cloud security, cyber risk management, network security, security operations, security analytics, endpoint security, and data privacy. This article continues to discuss the common attacks experienced by organizations during the pandemic and areas in which security spending is expected to increase. 

Dark Reading reports "Businesses Boost Security Budgets. Where Will the Money Go?"