Major data breaches from the past few years are reminders that cybersecurity can’t remain an afterthought when it comes to budgeting priorities. The threat landscape is expanding and the likelihood of a cyber attack is high. Luckily, more companies are taking their strategy seriously since investments in cybersecurity budgets increased by 141 percent between 2010 and 2018.
We took a look at trends in cybersecurity spending to let you know where the industry is headed. Plus, we put together a few recommendations so your company can make the most of its cybersecurity budget.
It’s no surprise that companies are increasing their cybersecurity budgets. Strategic efforts towards increasing efficiency and decreasing response times will pay off for companies in the long run. The key to successfully using a cybersecurity budget relies on the relationship between top leadership and cybersecurity professionals. A company’s overall security posture can improve if everyone is on the same page about budget allocations and how they impact the business.
A comprehensive cybersecurity solution is one investment that goes a long way. For example, automated security tasks free up time to allow IT and cybersecurity teams to take on higher-level tasks and quickly detect vulnerabilities. Robust data classification programs discover where sensitive data lives and lock down this data. See for yourself with this report on the total economic impact companies encounter after implementing the Varonis Data Security Platform. This ROI study found that a Varonis customer realized $5.9 million in total benefits and had a 346 percent ROI.
Sources: Statista | Gartner | IDC | CSO | AT&T | BDO | BCG | Business Review | TechRepublic
