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Security budgets expected to expand significantly over next three years

(Image credit: Image source: Shutterstock/violetkaipa)

Despite the fact that overall IT budgets are decreasing both among enterprises and SMBs in the UK, IT pros expect cybersecurity spending to grow within the next three years.

This is according to a new report from cybersecurity firm Kaspersky, which states that cybersecurity “remains a priority for investment among businesses”.

Of the overall technology budget, IT experts from large enterprises expect 29 percent to go towards security spending, while their SMB peers predict 26 percent. These figures are up across both categories, from 26 percent and 23 percent in 2019 respectively.

Almost three quarters (71 percent), meanwhile, expect their cybersecurity budget to grow within three years.

Overall, Covid-19 has been both a blessing and a curse for IT professionals. While the pandemic has forced businesses to digitally transform more rapidly, and has emphasized the importance of the IT department, it has also resulted in budget cuts across the board.

The overall IT budget has fallen from $1.2m in 2019 to $1.1m in 2020 among SMBs, and from $74.1m to $54.3m for enterprises, the report claims.

SMBs managed to set aside $275k for cybersecurity, while their enterprise counterparts invested $14m.

Most respondents expect these figures to rise by 11 percent among enterprises in the next three years, and 12 percent among SMBs. Almost a fifth (17 percent) believe budgets will stay the same this year.

“Even though budgets get revised, it doesn’t mean cybersecurity needs to go down on the priority list," said Alexander Moiseev, Chief Business Officer at Kaspersky.

"We recommend that businesses, who have to spend less on cybersecurity in the coming years, get smart about it and use every available option to bolster their defenses – by turning to free security solutions available on the market and introducing security awareness programs across the organization. Those are small steps that can make a difference, especially for SMBs."