Managing cybersecurity and IT budgets is a critical element of organizational strategy. With increasing threats to data security, the rise of ransomware, and the need to protect IT infrastructure, organizations must invest wisely in cybersecurity to stay secure.

This article shares key insights from cybersecurity budget surveys conducted in 2024.

Despite massive security spending, 44% of CISOs fail to detect breaches

Despite global information security spending projected to reach $215 billion in 2024, 44% of CISOs surveyed reported they were unable to detect a data breach in the last 12 months using existing security tools.

End of an era: Security budget growth slows down

The period of double-digit growth in security budgets seen in 2021 and 2022 has not returned. During those years, many organizations were still in catch-up mode regarding their cybersecurity programs. Over the past five years, the security budget as a percentage of IT spending has steadily increased, rising from 8.6% in 2020 to 13.2% in 2024.

Companies spend more on cybersecurity but struggle to track expenses

The top three areas of investment for 2024 cybersecurity budgets are internal security assessments (60%), identity and access management (IAM) programs (58%) and the acquisition of additional cybersecurity tools (51%). Despite increasing budgets, only 36% of respondents have a formal approach to determining cybersecurity budgets. This lack of formal budgeting practices can lead to inefficiencies and missed opportunities to address critical security gaps.

Explore IT Tech News for the latest advancements in Information Technology & insightful updates from industry experts! 

Source: https://www.helpnetsecurity.com/2024/12/26/cybersecurity-budget-insights-2024/