"Businesses Increasing Cyber Spend Without Clear Strategy, Fastly Finds"

According to security researchers at Fastly, most businesses worldwide claim to be confident that their current cybersecurity budgets are fit for their needs, but at the same time, they would be willing to spend more.  The researchers noted that while 71% of businesses highlighted their confidence in their current budgets, 73% of the same businesses are willing to increase their budget.   In the US specifically, over 85% of IT leaders consider their current budget adequate, but 79% are still thinking of increasing it.  The researchers noted that one explanation is that IT leaders fear lagging behind the evolving cyber threat landscape and put their trust in technology to help them catch up and prepare for future cybersecurity risks.  The researchers stated that overwhelmed and overworked, and IT leaders are putting their faith in an abundance of tools and technologies and hoping for their best.  But according to the researchers, the majority of organizations are increasing spending with no clear strategy.  The researchers noted that spending more money doesn’t necessarily equate to a safer business.  Instead, it can create the illusion of security and ironically put the businesses at even greater risk down the line when their security tools don’t work.   According to the researchers, 39% of current cybersecurity tools are not fully deployed and active, and 42% of the ones that are fully operational overlap, protecting organizations against the same threats.  The researchers stated that for IT leaders, this abundance of overlapping technologies means more time spent managing them, despite gaining no additional benefits from solutions doing the same job.  The researchers stated that when these tools do run, they regularly do not work.  The researchers concluded that increasing budgets won’t necessarily guarantee an organization’s security.  Instead, many organizations need a full re-evaluation of their cybersecurity toolings and a reinvestment into a smaller set of interoperable, best-in-breed technologies that work together to provide an effective, tailored security solution.

Infosecurity reports: "Businesses Increasing Cyber Spend Without Clear Strategy, Fastly Finds"