Majority of IT decision-makers to boost cybersecurity budgets in 2024
Findings from a recent study conducted by Infosecurity Europe reveal a substantial increase in cybersecurity budgets for 2024, as announced by the company. As per the research, 69% of surveyed IT decision-makers suggested a rise in their cybersecurity budgets ranging from 10-100% in 2024. Nearly one in five (19%) of the respondents are expecting or are already seeing a surge in their budgets ranging between 30-49% over this year. Interestingly, 15% of IT decision-makers signalled a decrease in their security budget for the year.
The research findings indicate a significant trend in cyber investment as organisations address their security spend. Among the areas allocated for budget increases, cloud security and incident response top the list, followed by funding toward MSSP outsourcing and antivirus, education and training, and managed detection and patching. The findings come right before the registration for Infosecurity Europe 2024 gets underway, making cyber investment a key talking point for the event.
Mun Valiji, a CISO at Trainline and an Advisory Council member of Infosecurity Europe, stated that under the persistent macroeconomic pressures, there remains a pragmatic budgetary spend on cybersecurity. "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 declared.
Increased cybersecurity budgets for 2024 covers a range of categories. Cloud security and incident response are receiving the biggest slice, with 47% reporting that between 1-20% of the additional investment will be allotted in those areas. Furthermore, 46% indicated their willingness to devote the same amount of spend toward MSSP outsourcing and antivirus, while a similar percentage of respondents would invest the same amount in identity security management. Meanwhile, only 40% of those surveyed agreed to invest 1-20% of their additional budget in areas such as email security and threat exposure management.
Highlighting the reasons behind the budget changes, Ian Hill, CISO at UPP Corporation and an Advisory Council member of Infosecurity Europe, explained that the undefined increase in licences and associated support costs compared to 2023, combined with a continued rise in cyber professionals' salaries, makes outsourcing to an MSSP a more viable proposition for many businesses. In particular, SaaS is registering notable price hikes, with many businesses caught with no other choice but to acquiesce.
Nicole Mills, Exhibition Director at Infosecurity Group, noted that cybersecurity is pertinent to all businesses, organisations, and individuals, as risks are universal. The ongoing evolution of threats necessitates the development of innovative protective products. "The conference provides a springboard for industry leaders, experts, and vendors to join heads and forces, to collaborate and share experiences and knowledge," Mills commented. Historical trends point to Infosecurity Europe 2024 continuing the tradition of fostering a future marked by innovation, collaboration, and resilience.
Coinciding with these findings is the opening of visitor registration for this year's Infosecurity Europe conference, scheduled to take place from Tuesday 4th to Thursday 6th June 2024 at ExCeL London. Reflecting the current trends and discussions in the field, the event will provide a diverse array of sessions and opportunities for attendees including keynote speeches, networking programmes, presentations addressing strategic business challenges, and practical hands-on learning experiences.
