- Nearly 3 in 5 CISOs or IT decision makers have seen their cybersecurity budgets increase this year, despite widespread concerns about a recession or economic slowdown, according to a study released Wednesday from Nuspire.
- While many CISOs and IT decision makers will have additional funding to spend, they are more concerned about maximizing the value of their existing security tools in order to create a more streamlined and simplified security environment.
- The study also shows that hiring and retaining skilled IT security professionals remains a major concern.
The survey results follow recent findings about the pressures facing IT security teams due to the economic slowdown. Companies are under pressure to slash overall spending and reduce hiring, however malicious cyberattacks remain a major threat to the business.
“We expected to see a marked reduction in cybersecurity spending due to economic concerns, however the research reveals data to the contrary,” J.R. Cunningham, CSO at Nuspire, said via email.
Of those 58% of respondents who saw their budget increase, about 42% said they expect additional increases in spending.
Earnings reports from some of the nation’s top cybersecurity companies showed customers have been looking to consolidate their spending with fewer vendors, with an emphasis on reducing the number of vendors and making sure their various security tools operate with greater efficiency.
The report is based on a survey of 200 CISOs and IT decision makers. The respondents represent various industries, including manufacturing, financial services, healthcare, retail and IT.