Building a cybersecurity strategy is challenging. It requires more than just technical knowledge and managerial skills but also demands financial resources.
Business budgeting tendencies show that cybersecurity investments receive only a small part of the allocated IT budget. Cybersecurity funds must be distributed wisely to ensure valuable outcomes, prove the chosen security direction effective and minimize resources’ waste.
The main challenge is how to achieve effective security spending. How much should businesses allocate to cybersecurity, and what factors like company size or maturity does it depend on?
According to Statista, information security investments in different categories continuously grow. Projections for 2024 indicate worldwide spending on information security will double compared to 2017.
The trend confirms the necessity of considerable cybersecurity funding. To understand it better, let’s dive into research-based data on how businesses of different sizes and cybersecurity maturity distribute their allocated budgets.