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.”

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.”