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Most executives expect to spend more on cybersecurity risk management

(Image credit: Shutterstock / Golden Sikorka)

Most IT executives are quite satisfied with the way their organization manages cybersecurity risk, but nonetheless expect renewed investment this year.

This is according to a new report from access management firm OneLogin, based on a poll of 100 IT execs, which found that while 83 percent are satisfied with their company's risk management efforts, almost two thirds (61 percent) anticipate a budget increase before the end of H1 2021. For the most part, they expect a rise of anywhere between 11 and 15 percent.

The level of satisfaction with risk management seems to be linked to company size, OneLogin asserts. While almost a quarter (22 percent) of execs from smaller companies (less than a thousand employees) are displeased with the current state of risk management, just nine percent of their peers in organizations with 10,000+ employees feel the same way.

Analyzing the ways different companies approach risk management, OneLogin found that a mix of rules and open dialogue seems to be the preferred option for most, as almost half (56 percent) went for this approach. Less than a fifth (18 percent) went for rules-only.

Risk management strategies, despite their importance, mean very little if they are not applied, a recent report from MetricStream argues. Almost half of businesses today still use the humble spreadsheet for IT risk management, despite IT governance, risk and compliance solutions being widely available.

Sead is a freelance journalist with more than 15 years of experience in writing various types of content, from blogs, whitepapers, and reviews to ebooks, and many more, across sites including Al Jazeera Balkans, TechRadar Pro, IT Pro Portal, and CryptoNews.