According to data from a new study conducted by security firm EY, 93% of companies worldwide plan to maintain or even increase their cybersecurity investments.
Furthermore, 83% of the 1,900 senior executives who participated in the survey said they were not fully satisfied with the current state of their business in terms of cybersecurity levels.
“The 16th annual Global Information Security Survey shows that organizations are moving in the right direction, but they still need to take further action – now. There are encouraging signs that businesses are increasingly taking cybersecurity seriously ,” said Paul van Kessel, CEO of EY.
Over the past 12 months, 31% of organizations have recorded an increase of at least 5% in the number of security incidents they have experienced.
When it comes to cybersecurity investments, half of respondents say they plan to increase their budget by at least 5% in the coming year. However, 65% of them say their budget is not fully sufficient to achieve the desired level of security. This percentage increases to 71% for companies with revenues of $10 million (€1,380,000) or less.
“Cybercrime is the biggest threat to the survival of organizations today,” noted EY leading executive Ken Allan.
“And while security innovation funding is increasing, allowing organizations to channel more resources toward innovative solutions to protect themselves from future threats – many information security professionals continue to feel that their budgets are insufficient to address the growing risks in cyberspace.”.
