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Vast majority of companies will increase their cybersecurity budgets again next year

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The vast majority of companies will increase their cybersecurity budgets yet again next year, according to a new report from Neustar International Security Council (NISC).

Based on a poll of 302 IT security professionals, the report states that more than four in five (81 percent) will give their IT security budgets a boost in 2022. In almost a quarter of cases (24 percent), the budget will increase by between 31 and 50 percent.

Some of that money will go towards hiring and partnering up with third-party vendors. Almost all (88 percent) respondents believe the cyber skills gap will impact their strategy, with 71 percent planning to increase their reliance on third-party vendors. Furthermore, more than half (56 percent) plan to recruit new team members. 

Many firms are also looking for new ways to protect their assets and interests. At the moment, half of companies hold a cyber-insurance policy, 94 percent of which find it a solid investment. However, another 22 percent plan to jump on board next year, while 18 percent are thinking about it.

“Our latest data indicates that top-level executives and board members are well aware of the business implications of security gaps, and it is edifying to see that organizations have support all the way up the leadership chain to make the necessary investments to protect themselves and their clients,” said Carlos Morales, Senior Vice President, Solutions for Neustar Security Services.

“By engaging the right partners, organizations can take meaningful steps toward achieving their cybersecurity goals while taking some of the pressure off of themselves to bring in new talent in a very tight market for cybersecurity expertise.”

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.