While we have seen cybersecurity budgets grow year on year, the rate of increase has considerably slowed in 2023 compared to previous years. This adjustment arises as organizations tighten their overall IT spending, reflecting the findings of the recent “2023 Security Budget Benchmark Report” released by IANS Research and Artico Search, drawing insights from 550 CISOs and security executives.
Contrary to the substantial growth observed in past years, cybersecurity budgets in 2023 expanded by an average of 6%, significantly lower than the remarkable 17% surge witnessed in 2022. This conservative increase in cybersecurity funding, fails to adequately equip CISOs to combat the increasingly intricate and aggressive cyber threats plaguing organizations today.
Amidst these shifting dynamics, the challenge lies in maximizing the impact of allocated cybersecurity budgets to confront the evolving threat landscape effectively. As businesses grapple with the imperative to enhance cybersecurity while navigating constrained budgetary growth, strategic allocation becomes paramount.
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