IT budgets are falling, businesses say

(Image credit: Image Credit: B-lay)

Cybersecurity being a burning issue among businesses of all shapes and sizes is no news. How they handle the issue, and how much funds they're willing to invest in order to keep their assets safe – now that's an evolving story.

The latest report on the issue comes from Outpost24, and says that despite the increasing cybersecurity threat that organisations are facing, some of them are seeing their IT security budgets as either falling, or staying flat.

The report also investigates the elements of a cybersecurity incident which hurt organisations most. It says that not having the time to tackle the issues that arise is among the biggest roadblocks towards cybersecurity. Then, there's the lack of in-house knowledge, as well as a lack of support from the c-suite, mostly when it comes to buying state-of-the-art solutions.

A quarter believes the c-suite lacks understanding of the problem at hand.

There is also good news in the report, and that is that most organisations regularly assess the security of their devices, endpoints, networks and cloud infrastructure. Not everyone does it, though.

“The findings from our study highlight that there is a wide gap between security teams and budget holders which is putting organisations at risk,” says Bob Egner, VP of Outpost24. “With the average cost of data breaches exceeding $3.8 million, cybersecurity is very much a c-level and board member issue,” he continues.

“Board members and c-level executives should have a comprehensive understanding of their organisations’ security posture and the attacks targeting them, they should then take this data and allocate budgets accordingly, before their business is disrupted or reputation is damaged,” he concluded.

Image Credit: B-lay