new data from 2022 Cyber Security Insights Report From Global Intelligence and Cyber Security Consultants S-RM We know that cybersecurity budgets will only increase by an average of 11% over the next 24-36 months.
With high levels of inflation, this means UK organizations face substantial cuts in cybersecurity budgets through 2025. According to the report, 13% of her UK respondents expect budget cuts in the next 24-36 months.
The S-RM report also shows that, on average, cybersecurity spending will account for more than a quarter (26%) of an organization’s annual IT budget in 2022. When compared to the 2021 answer.
Heyrick Bond-GunningS-RM CEO commented:
“The past year has seen a lot of market turmoil. But one thing that hasn’t changed is the importance of investing in cybersecurity. To do.
“However, our findings show that budgets are set for little increase over the next few years after accounting for inflation. This is a concern as considerations about cyberattacks continue to evolve: decision makers need to be proactive in defending against cyberattacks, or else they will be forced to invest in the future to mitigate damage and costs. We may be competing.”
Factors driving spending
Key reasons for budget increases include:
- Maintaining security against evolving threats (40%)
- Responding to changes in regulation and compliance (38%)
- Growing interest in cybersecurity at board level (38%)
The study also found that small businesses are more likely to allocate 40-60% of their IT budgets to cybersecurity. Twenty percent of companies with $500 million to $1 billion in annual revenue now allocate this percentage of their IT budget to cybersecurity. That’s just 10% of companies with $1-$5 billion in annual revenue.
Jamie SmithS-RM’s Director and Head of Cyber Security added:
“Cybersecurity is an issue that extends beyond the board level, and resources must be allocated across the business to best defend against malicious intent from threat actors.
“Cybersecurity departments cannot achieve the results they need if their budgets do not have the resources they need. It should be a clear sign that we are no longer tied to the bureaucracy.”
The average percentage of an organization’s IT budget allocated to cybersecurity is fairly consistent between the UK (25%) and the US (26%). However, the average projected increase in cybersecurity budgets over the next two to three years varies slightly by market, according to the report. The UK reported an expected increase of 8 percent and the United States as a whole 14 percent.
A higher proportion of UK decision makers expected cybersecurity budgets to increase in the future as regulations and compliance changes need to be addressed. 42% in the UK and 35% in the US. In contrast, a higher percentage of decision makers in the US feel that cyber budgets may increase as organizations focus more on resilience (29% in the UK vs. 43%).