Fraud Fighting Funding

Survey reveals biggest pain points for Chief Information Security Officers are 3rd party risk management and AI security

Fraud Fighting Funding

Cyber Budgets Up Amidst Economic Uncertainty

Despite being in a period of economic slowdown, 56 percent of survey respondents reported an increase in their cybersecurity budget from 2022. This data aligns with the global trend that cybersecurity spending has not been significantly impacted by recent geopolitical and economic challenges, as expected, as cyber threats continue accelerating.

Among the CISOs reporting budget decreases the majority of these cuts were observed in larger companies with over 100 cybersecurity employees and budgets exceeding $10 million.

Speaking on the centrality of cybersecurity in an enterprise’s strategy in 2023, Admiral Mike Rogers, former director of the NSA and operating partner at Team8 said, “In a world rife with economic and geopolitical challenges, cybersecurity takes center stage as enterprises recognize the critical necessity of increasing investment in robust defense measures to protect their most valuable assets.”


Where should It Be Allocated?

Survey results revealed that Identity and Access Management (IAM) and cloud security are the top categories for anticipated budget expansion. With the accelerated adoption of cloud technologies and remote work trends, CISOs seek to enhance their cybersecurity posture by investing in robust IAM and cloud security solutions.

David Cross, senior vice president, CISO SaaS Cloud Security at Oracle, added on why Cloud Security budgets are expected to increase, saying that “Businesses are rapidly migrating their data and applications to the cloud to take advantage of the innovation and security benefits that are difficult to achieve in on-premise environments. They are equally seeking out cloud security best practices, technologies, and solutions to assist in this transition from the traditional data center skills, experiences, and processes.”

Renee Guttmann, Former CISO

Campbell Soup Company

Speaking on the expected budget line expansions in Identity and Access Management, Renee Guttmann, former CISO at Campbell Soup Company, Royal Caribbean Cruises, and Coca-Cola, added that “Identity and access management is a decades-old challenge that requires clear prioritization and investment to address the protection of cloud, SaaS and IoT environments.” Guttmann added that “Companies will need to embrace emerging technology including AI-based identity solutions that will more effectively – and at scale – validate identity, support compliance and enable the detection and response of behavioral anomalies of its employees, third parties, and IoT systems.”


What’s Keeping CISOs Up At Night?

Surveyed CISOs expressed the need for innovation in several areas to tackle emerging cybersecurity challenges. Third-party risk management, AI security, and insider threats emerged as the most pressing problems where existing solutions fell short. The COVID-19 pandemic and the rapid adoption of remote work have created unmet needs in existing IGA tools and programs. With the rise of Generative AI, 48% of surveyed CISOs called ‘AI Security’ their biggest concern.

Regarding these emerging challenges, Admiral Rogers added, “As technology evolves, it brings with it a new breed of risks that demand our constant vigilance - complacency is not an option in the face of evolving threats. We are determined to stay one step ahead of malicious actors by driving innovation in critical areas, as the need to manage third-party risks and AI security.”

This article was originally published in the Mortgage Banker Magazine November 2023 issue.
Published on
Oct 23, 2023
Mortgage Banker Magazine
The Mortgage Market’s Disappearing Middle

A brutal winter reckoning to come for undercapitalized, medium-sized lenders

Ryan Kingsley
Mortgage Banker Magazine
Hello, Home Equity. Or Is It Goodbye?

Mortgage pros still report profiting on HELOCs despite negative projections

Erica Drzewiecki
Mortgage Banker Magazine
Good Luck Searching For Long-Term Returns

Investors are wary of pipeline renegotiations

Rob Chrisman


Topic How to Have a Profitable Mortgage Business at Any Volume with AI

This market is not the time to just sit back and wait for business. In a market with tight liquidity and the l...

Nov 30, 2023
Investor Confidence in Today’s Non-QM And Why Originators Are Paying Attention... A Virtual Town Hall

We host Angel Oak Mortgage Solutions for a special 2021 edition of their virtual town hall series they ran fro...

Apr 08, 2021
How to Help Real Estate Pros in a Post-Refi World

Hear from Melissa Merriman, REALTOR® with The Melissa Merriman Team at Keller Williams, on what real estate pr...

Mar 18, 2021
Connect with your local mortgage community.

Meet your your colleagues, both national and local, by attending an event in your area.