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Around 19% of IT security leaders said that budgets will significantly increase over the next two years, with an additional 31% saying budgets will increase, according to a new report by Dell SecureWorks.
The study by Dell surveyed 1,825 IT security leaders and their staff, based in 42 countries including North America, Europe, Africa, Asia and the Middle East. The aim of the report was to identify the key influencers on decisions which affect security budgets and technology purchases.
Of the remaining survey respondents, nearly all said that budgets will remain flat (46%), while a few (4%) said their organizations could actually decrease security spending. This is largely the same growth picture as the last two years, with the same group of experts witnessing the same increase (31%) and a similar significant increase (15%) during the period.
As reported by Infotech Lead, 46% of respondents said that leadership is responsible for the IT security budget, with 29% saying it is determined from the staff or bottom up. More worryingly, the study found that more than half of respondents stated that their organization’s board of directors and C-Level executives are not briefed frequently enough or given necessary information to make budgeting decisions on IT security.
“Organizations cannot expect to combat today’s increasing cyber threats If important stakeholders, such as the C-level executives and board members, are not adequately informed about their organization’s security strategy, challenges and goals,” said Kevin Hanes, executive director of Security and Risk Consulting for Dell SecureWorks.
Cybersecurity budgets are continuing to grow in the wake of high profile attacks over the past 12 months. Earlier this month, President Obama projected a 10% increase in cybersecurity spend in his budget proposal for the 2016 fiscal year.
Author Kyle Ellison, ESET