New regulations cause 93% of companies to reassess cybersecurity strategies

A recent report from Swimlane investigates the impact of the changing regulatory landscape on security budgets and compliance strategies. The report surveyed 500 cybersecurity decision-makers in the United States and the United Kingdom, focusing on enterprises with 1,000 or more employees.

According to the report, 93% of organizations have reassessed their cybersecurity strategies due to new regulations. Additionally, 58% have completely revised their cybersecurity strategies, leading to 45% of decision-makers taking on new role responsibilities.

Key findings from the report include: 

• 92% of respondents reported an increase in security budgets, with 36% seeing budget increases of 20-49% and 23% experiencing increases of over 50%. 
• Only 40% feel confident that their organization has the necessary resources, personnel, and tools to fully comply with cybersecurity regulations, while 19% admit to being unprepared.
• One-third of respondents are fully confident in their organization’s ability to meet all regulatory requirements.