Budgets are on the rise, even in a time of revenue worries across the industry.
A new report on CISO spending patterns shows fear of regulators drives board-level security investment decisions, with 77% of respondents saying their organizations are increasing their budgets because of audit failures or security incidents.
Fifty-eight percent of the 900-plus infosec leaders surveyed also plan to increase their budgets due to the pandemic, according to the global report, sponsored by Thycotic. In terms of allocation, 58% of CISOs say they will be adding security solutions to their cybersecurity infrastructure, while 50% plan on moving additional IT functionality to the cloud.
That said, CISOs report that 50% of the cybersecurity technology they invest in isn’t fully utilized. Of all the countries represented in the survey, the US was at the top for fully utilizing its cybersecurity technology, followed by France the UK.