The State of Enterprise Security Budgets
Data security is one of the biggest concerns of the 21st century as every market decision is driven by analyzing the structured and unstructured data pattern. According to the recent IANS survey, only 22 percent of the companies with annual revenue higher than $500 million are willing to invest $10 million or more on security budgets. Most CISOs of the companies surveyed state that the major budget focus is on acquiring talents and implementing novel technologies.
Today information security leaders have to fight their own fiscal battles to divert the flow of corporate budget towards vital security measures. Given the recent corporate data breaches such as that of Facebook’s 87 million user’s data harvested by third parties to sway the outcome of 2016 U.S. Presidential Election has forced other companies to be on high alert. At this juncture, the companies have to invest in securities beyond the basic information security to improve risk management proactively.
According to Gartner, IT security budget is expected to increase from the current $90 billion investment to $113 billion by 2020. Nevertheless, even with the forecasted rise in the investment curve, most CISOs still have to provide a strong narrative to the board members to show how the security measures align with the long-term objectives of the company.
In fact, corporate support is essential to improve market performance as prospective customers have become equally concerned with sharing private data with companies having vulnerable security measures. CISOs are expected to employ high-end security measures and create a trusted and credible information technology sector for organizations to leverage.