Cyber Security Budgets Not In Tune With Rising Threats

April 2nd, 2016 by admin Leave a reply »

Businesses are increasing their investment in cyber security but the landscape of threat is changing very rapidly. To remain secured one has to understand the possibility of cyber attacks in advance and make sure data remains safe. Majority of security professionals believes that the budget should be increased.

Institute of Information Security Professionals (IISP) conducted survey to understand the current scenario. Two-thirds of professionals said that security budgets has increased. For 15% of respondents, budgets stayed the same.

“In times of financial pressure or instability, as we have seen in recent years, security is often seen as a supporting function or an overhead,” said IISP director Piers Wilson.

Sixty percent believes that budgets are low considering level of threats. Only seven percent of respondents reported that security budgets were rising faster than the level of threat.

The survey was conducted in participation with more than 2,500 members working in security across a wide range of industries and roles. UK cyber security space can be understood by the survey.

“Security budgets are hard won because they are about protection against future issues, so are a good indication of the state of risk awareness in the wider business community,” he said.

Wilson said that while it is good news that businesses are increasing investment, it is clear that spending on security is still not at a level that matches the changing threat dynamics.

Cyber security skills shortage is another issues which organisations are dealing. Participants mentioned that there is shortfall in the level of skills and experience which makes staff training, development and retention crucial to the future of the industry.

Ten percent of respondents felt that the security industry’s ability to protect data is declining rather than improving while forty nine percent said the opposite.

Survey found that there is awareness of security risks. Also, the impacts of a breach are driving an increase in investment, skills, experience, education and professionalism.

“While there is clearly much more to be done, the results of the survey are encouraging,” said Wilson.

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