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According to Foundry 2022 Security Priorities Study, an overwhelming majority (90%) of security leaders believe their organizations are falling short in addressing cybersecurity risks. Respondents encountered these pitfalls through a variety of issues, such as convincing them of the severity of the risks for their entire organization or parts of their organization (27%) and the belief that their organization is not investing enough resources to address risks (26%) .
Budgets also continue to play a role in a company’s cybersecurity efforts. For small businesses, the security budget has increased to $16 million, from $11 million last year and $5.5 million in 2020. Businesses are seeing stable security budgets — $122 million this year compared to $123 million in 2021.
Looking at cyber insurance, a growing industry, almost a quarter of organizations say they have cyber insurance on their radar and only 23% are not interested.
To address the growing innovation of cybercriminals and the various cybercrime-as-a-service models emerging, security decision-makers are researching and testing a wide variety of new security technologies to add to their tech stack. The top technologies under active research include:
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- Security orchestration, automation and response (SOAR) (34%)
- Zero-trust technologies (32%)
- Secure access service edge (SASE) (32%)
- Deception Technologies (30%)
- Ransomware Brokers (30%)
The data makes it clear that as companies grow and scale their security efforts at the same time, they need to follow the right investments and budgetary requirements. Organizations of all sizes recognize security risks and understand the consequences that can arise from a breach, and many security leaders are preparing for the worst-case scenario. This provides opportunities for technology providers to better understand the biggest challenges and provide the right tools and solutions.
Lack of cybersecurity skills
The research also shows that security skills shortages still affect a large proportion of organizations. To address this, nearly half (45%) of IT leaders are asking current staff to take on more responsibilities and adopt technologies that automate security priorities. Forty-two percent outsource security functions, while 36% increase pay and improve benefits.
As security leaders navigate a competitive workforce, they also look to their security technology partners to create more efficient and automated practices that make sense for their business and employees.
The 2022 Security Priority Study was conducted via an online questionnaire from June to August 2022. A total of 872 respondents with IT and/or corporate security leadership responsibilities were collected from NA (55%), EMEA (18%) and APAC (27%) regions. The best represented sectors include technology (25%), manufacturing (13%), government/non-profit (10%) and financial services (8%). The average company size was 10,991 employees.
Read the full report from Foundry.
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