IT Leaders Show Cybersecurity Budget Spikes for 2024: Are You Prepared?

Budget Increases and Priority Shifts

Infosecurity Europe's latest research shows a significant uptick in cybersecurity spending, with organizations planning to increase their budgets by 10-100% in 2024. The survey, conducted among IT decision-makers, indicates that 69% expect their cybersecurity budgets to grow, with around 20% forecasting a substantial 30-49% rise. This increase is a response to the evolving threat landscape and regulatory requirements.

Mun Valiji, CISO at Trainline and an Infosecurity Europe Advisory Council member, emphasized the strategic investment in cybersecurity despite economic challenges. Cloud security and incident response are top priorities, with 47% of IT leaders dedicating 1-20% of their budget to these areas. Another 46% will allocate similar portions to MSSP outsourcing and antivirus solutions, and 44% to education and training. This shift suggests a strategic focus on building resilience and response capabilities.

Email security and threat exposure management appear less prioritized, likely due to the strategic outsourcing of these functions to managed security service providers (MSSPs). This approach allows organizations to focus their in-house resources on critical areas while leveraging external expertise for more routine security tasks.

The increased investment in cybersecurity reflects the growing awareness of cyber threats and the importance of robust defenses. In 2023, the global cost of cybercrime was estimated to exceed $6 trillion annually, a figure projected to rise to $10.5 trillion by 2025, according to Cybersecurity Ventures. This stark increase underscores the critical need for enhanced cybersecurity measures.

Infosecurity Europe 2024 will host panels on optimizing cybersecurity budgets in challenging economic times. These discussions will provide valuable insights for CISOs and cybersecurity experts on effective budget management strategies. Topics will include conducting audits to assess current systems, maximizing the utility of existing resources, and prioritizing human capital investment over new technologies. With cyber threats on the rise, these strategies are vital for organizations aiming to protect their digital assets efficiently.