"Only Half of Organizations Have an Adequate Cyber Security Budget"

According to a recent survey by the Neustar International Security Council (NISC), only 49 percent of firms have a sufficient budget to fully satisfy their present cybersecurity needs, and 11 percent can protect only their most critical assets. Despite the continuously evolving threat landscape, 35 percent of Information Technology (IT) and security professionals stated their organization's cybersecurity budget would remain the same or decrease in 2023, and 44 percent expressed concern that their organization will be more exposed and at risk as a result. Survey respondents cited 'increased sophistication of attacks' as the most significant risk to their organization's IT security posture, followed by 'increased activity of attackers,' 'budget constraints,' and 'larger attack surface from an increasingly borderless business operation.' Although most respondents agree that C-suite and board-level decision-makers understand the current security threats their organization faces, recognize the importance of a multilayered defense strategy, and make protecting the organization an integral part of business operations, a significant proportion of participants are concerned that current budget constraints are limiting the use of new strategies, technologies, and implementation practices. Respondents rated Distributed Denial-of-Service (DDoS) attacks as the most significant threat, followed by system compromise and ransomware, with respect to the types of vulnerabilities enterprises face as a result of growing integration with third-party providers. This article continues to discuss key findings from NISC's survey of senior IT and security professionals from across six EMEA and US markets. 

Continuity Central reports "Only Half of Organizations Have an Adequate Cyber Security Budget"