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SMB and enterprise security budgets are falling

(Image credit: Image Credit: MK photograp55 / Shutterstock)

Despite “positive dynamics” and increased funding, IT budgets are still failing many small and medium-sized businesses, as well as large enterprises.

That's the conclusion of a new Kaspersky report, which aims to help businesses learn how much money is spent on IT security across the industry, consequently helping them understand where they are in the market.

The Kaspersky IT Security Calculator says that 45 per cent of SMB budgets and 50 per cent of enterprise budgets are below the average spend of $250k and $8m, respectively.

Things were even worse in previous years, given that the cybersecurity spending grew almost nine per cent this year, Gartner claims. Out of roughly 5,000 businesses polled for the Kaspersky report, 70 per cent said their IT security budgets will increase within the next three years.

When it comes to reviewing budgets, SMBs are doing it more actively (46 per cent) than enterprises (38 per cent) or small companies (16 per cent). For SMBs, budgeting can be an even bigger issue, as it’s not always just about money, but also about aligning the budget planning process.

“Budget planning is a very important process for companies as proper investments ensure a company is ready to meet current cybersecurity challenges and threats. Though it may be a complex task which demands a good understanding of business needs towards cybersecurity, how to address them and how much it can cost,” commented Sergey Martsynkyan, Head of B2B Product Marketing, Kaspersky.

“We at Kaspersky try to give organisations insights to help them with this process. Along with the report on IT security economics we prepare annually, the IT Security Calculator gives a glance on average cybersecurity spending, as well as specific threats and advice on protection measures”.

Sead Fadilpašić

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.