While investments in cybersecurity appear to be rising at most organizations, budgets aren’t increasing as fast as the threats, according to a recent survey by the Institute of Information Security Professionals (IISP).
“In times of financial pressure or instability as we have seen in recent years, security is all too often seen as a supporting function or an overhead,” noted the authors of the survey, which gathered responses mainly from the UK, but also abroad. “ROI calculations or business cases for investment that prevents theoretical, possible future impacts are hard to derive or have accepted. This means that security budgets are a good indication of the state of awareness in the wider business community, as they tend to be hard-won.”
Sixty-seven percent of survey respondents say they intend to increase their security budgets in the near future, according to the report. However, IISP estimated that when weighted against the increase in threats, budget planning falls well behind – with only seven percent of organizations matching the pace.
This story in an excerpt of the original. The content originally appeared in Cyber Front Page News.
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Erin is the managing editor of Advisen’s Front Page News. She has been covering property-casualty insurance since 2000. Previously, Erin served as editor-in-chief of The Standard, New England’s Insurance Weekly. Erin is based in Boston, Mass. Contact Erin at [email protected].
