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Most executives expect to spend more on cybersecurity risk management

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(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.