There has been a 59% increase in cyber budgets year-over-year
Optiv has recently released its 2024 Threat and Risk Management Report, which delves into how organizations are adapting to the evolving threat landscape. The report examines the cybersecurity investments and governance priorities of organizations. For example, 63% of organizations with 5,000+ employees allocated an average of $26 million to cybersecurity investments in 2024.
The top three investments among organizations include acquiring more cybersecurity tools (51%), investing in identity and access management programs (58%), and conducting internal security assessments (60%). However, only 36% of respondents have a formal approach to setting cybersecurity budgets, potentially leading to missed opportunities in addressing security gaps.
The report indicates that the surge in cybersecurity budgets may be due to an increase in security incidents. 61% of respondents have reported experiencing a cybersecurity event in the last two years, with 55% experiencing four or more incidents.
As organizations invest more in cyber technology, 40% of respondents believe their organization has an excess of technologies, leading to decreased overall effectiveness. 29% believe they have the right amount of tools. The report stresses the importance of approaching cyber budgeting with a strategic plan.
