Infosecurity Europe 2024 has unveiled critical findings from its recent research into cybersecurity budget trends across organisations.
According to the study, an overwhelming 69% of IT security decision-makers have reported or anticipate an increase in their cybersecurity budgets, ranging from 10% to a significant 100% in 2024. This surge in financial commitment underscores the growing awareness and response to the dynamic and escalating cyber threat landscape, coupled with stricter regulatory demands.
Mun Valiji, CISO at Trainline and member of Infosecurity Europe’s Advisory Council, remarked on the trend, highlighting the pragmatic approach organisations are taking towards cybersecurity spending amidst economic and macroeconomic pressures. “We continue to see pragmatic budgetary spend on cyber security under mounting macroeconomic pressures. The fast-changing threat landscape and tightening regulatory pressures have in the main seen security budgets benefiting from much-needed increases which is positively received,” Valiji noted. This sentiment echoes the broader industry’s recognition of the need for enhanced security measures in a period marked by rapid digital transformation and evolving cyber threats.
The research further delves into specific areas of increased spending, revealing that cloud security and incident response are set to receive the lion’s share of budget increases, with 47% of respondents allocating between 1-20% of the additional funds to these critical areas. Other key investment priorities include MSSP outsourcing, antivirus solutions, identity security management, and education and training, each reflecting a holistic approach to cybersecurity that encompasses technology, processes, and people.
Ian Hill, CISO at UPP Corporation and Advisory Council member for Infosecurity Europe, provided additional context, pointing out the challenges of rising license costs and the appeal of outsourcing to Managed Security Service Providers (MSSPs) as a cost-effective strategy. “One major consideration for cyber security spending in 2024, is the forecast, and in some cases significant increase in licences and associated support costs compared to 2023, either through direct price increases or the more insidious practice of licensed product scope manipulation. Add this to the continued rise in cyber professionals’ salaries, which makes outsourcing to an MSSP a more viable proposition for many businesses. SaaS in particular is seeing notable price increases, with many businesses ‘locked-in’ and with little choice but to bite the bullet,” Hill explained.
Amid these challenges, Infosecurity Europe 2024 aims to serve as a pivotal platform for CISOs and cybersecurity professionals, offering insights into budget optimization and strategic investment amidst uncertain times. The conference will feature discussions on maximizing security budgets, the importance of auditing existing systems, and the value of investing in human resources over new technologies.
Nicole Mills, Exhibition Director at Infosecurity Group, underscored the event’s role in fostering industry collaboration and innovation. “Cybersecurity is all-encompassing and no business, organisation or individual is devoid of risk. The industry continues to grow, threats evolve and so too do the innovative products developed to protect against them. The conference provides a springboard for industry leaders, experts and vendors to join heads and join forces, to collaborate and share experiences and knowledge. Peers come together to debate and discuss critical topics, to find solutions to problems and put solid cybersecurity strategies in place. This year, Infosecurity Europe 2024 will continue to forge a future of innovation, collaboration, and resilience,” Mills stated.
Despite the overall increase in cybersecurity budgets, the research also highlights a contrasting trend with 15% of IT decision-makers indicating a decrease in their security budgets for 2024, while a minor 4% expect no change. These findings reflect the diverse approaches and challenges organisations face in securing their digital assets and data in an ever-evolving cyber landscape.
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