"Just Half of Firms Have Sufficient Cybersecurity Budget"

Security researchers at Neustar Security Services have discovered that only 49% of organizations based in EMEA and the US believe they have sufficient budget to meet their current needs, with many claiming funding may actually decrease in 2023.  The researchers polled senior IT and security professionals from six markets across the US and EMEA to better understand their cyber risk challenges.  The researchers found that budget was a pressing concern, with over one in 10 (11%) respondents claiming they only had enough to protect their most critical assets.  More than a third (35%) admitted that budgets would stay flat or decline in 2023, potentially exposing their organization as a result.  The researchers noted that even though the vast majority of respondents (83%) said their C-suite understands the gravity of the current threat landscape, 69% are concerned that budgetary challenges are restricting the deployment of new strategies and technologies.  These concerns are particularly acute at a time when ransomware (75%), phishing (74%), DDoS (72%), targeted hacking (71%), and social engineering (71%) attacks are perceived to be on the rise.  Respondents believe that the biggest threat to their security posture is the increased sophistication of attacks, cited by 60%.  Other top concerns were listed as an increase in attacker activity (54%), budget constraints (35%), and an expanding attack surface (35%).

Infosecurity reports: "Just Half of Firms Have Sufficient Cybersecurity Budget"