Subj : Budgets shrink as security pressure mounts
To   : All
From : TechnologyDaily
Date : Thu Nov 09 2023 12:15:05

Budgets shrink as security pressure mounts

Date:
Thu, 09 Nov 2023 12:01:24 +0000

Description:
Businesses are facing increasing pressure to tighten up on security, but are 
instead reducing their budgets.

FULL STORY
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Despite knowing theyre falling behind in the cybersecurity race, many firms 
are allocating smaller portions of their IT budgets to security, new research 
has claimed. 

A report from Vanta based on a survey of 2,500 business leaders found 
two-thirds of UK businesses (66%) believe they should improve their security 
and compliance measures. Whats more, a quarter (25%) of the respondents have 
rated their organizations security and compliance strategy as reactive. 

Instead, the budgets are shrinking. Vanta has found that only 9% of the 
average UK companys IT budget is dedicated to security. A fifth (21%) 
downsized their IT staff, while two-thirds (62%) reduced their IT budgets, or 
are planning to do so in the coming months. Furthermore, one in every three 
leaders says their IT budgets are continuing to shrink. The compliance 
challenge 

At the same time, less than half (42%) rated their risk visibility as strong. 

But its not just hackers and criminals that are putting these firms under 
pressure. Customers, investors, and suppliers are also forcing companies to 
act, as more than two-thirds (67%) now require proof of security and 
compliance. While 37% provide internal audit reports and third party audits, 
and 39% complete security questionnaires, 12% said they don't or cant provide 
evidence when asked. 

Achieving and remaining compliant is quite the challenge, too. The average UK 
leader spends more than seven hours a week on this task, with lack of 
staffing (33%) and lack of automation (30%) being the biggest hurdles. 

Better security improves business efficiency, builds trust, and boosts the 
bottom line, Vanta argues. More than two-thirds (68%) of UK leaders said a 
better security and compliance strategy positively impacted their businesses. 
Three-quarters 73% state a better security and compliance strategy would make 
them more efficient. More from TechRadar Pro Exposed AWS credentials stolen 
within minutes by Github hackers Here's our list of the best firewall for 
online protection today These are the best malware removal tools right now



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Link to news story:
https://www.techradar.com/pro/security/budgets-shrink-as-security-pressure-mou
nts


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