"Cybersecurity Spending Expected to be Slashed in 41% of SMEs"

According to security researchers at JumpCloud, cybersecurity spending is predicted to be cut by 41% of SMEs over the coming year amid the challenging economic environment.  Nearly three-quarters (72%) of IT admins surveyed in the US, UK, and India agreed that any cuts to their security budgets would increase organizational risk.  The researchers noted that SMEs in India were most likely to experience cybersecurity cuts (58%).  This was followed by the US (40%) and UK (25%).  The risk of budget cuts comes despite respondents identifying security as their biggest IT challenge (56%).  The researchers noted that over half (56%) of IT admins also said they’re more concerned about their organization’s security posture than they were six months ago.  Additionally, there was significant unease around the impact of AI on cybersecurity.  Nearly two-thirds (62%) of participants agreed that AI is outpacing their organization’s ability to protect against threats overall.  According to the participants, the top three cybersecurity threats facing SMEs are network attacks (40%), software vulnerability exploits (34%), and ransomware (29%).
 

Infosecurity Magazine reports: "Cybersecurity Spending Expected to be Slashed in 41% of SMEs"