Kaspersky sees firms’ cybersecurity budgets increasing in 2020

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A STUDY commissioned by Internet security firm Kaspersky said security budgets among businesses, as reported by 72% of survey respondents, including the ones in Asia and the Pacific region, will further increase in 2020.

However, almost half (46%) of cybersecurity leaders surveyed out of 305 respondents said competition with other departments in their companies for available resources is still a major concern among them.

The study noted that the figure is “almost as high as the growth and severity of attacks (49%).”

“This may seem like a paradox as security budgets continue to grow, but budget challenges come from multiple directions. Difficulty in distinguishing IT spending from security spending is the most-reported obstacle here (54% of respondents),” the study explained.

As for the security budgets, the study said: “Those budgets continue to grow: 72% of survey respondents report that their security budget will increase in the coming year.”

Kaspersky noted that security budgets among companies have grown “from 62% to 87% over the past four years.”

The study said these trends further reflect the increased priority that businesses are giving cybersecurity.

“As they increase their investment, it’s only natural that businesses seek to understand the rationale behind security decisions,” the study said.

To address company cybersecurity leaders’ concerns on funding, Kaspersky recommended that they may “shift from ad hoc communications to regular sync-ups with the business leadership team.” In this way, they will be able to keep the board “updated on the company’s security measures and remain aware of strategic priorities.”

Kaspersky also said cybersecurity leaders should speak in a language that top management understands.

“Make sure board members receive security training. This will not only help towards building a corporate-wide cybersecurity culture, but will also highlight the practical value and impact of effective cybersecurity measures,” the Internet security firm added.

Kaspersky said the survey featured “a strong global representation” encompassing 27 countries, with respondents distributed among the following regions: 160 respondents (53%) were from Europe, the Middle East and Africa; 65 (21%) were from Asia and Pacific countries; 55 (18%) were from North America, specifically the US and Canada; and 25 (9%) were from the Latin America region, including Mexico. — Arjay L. Balinbin