Budget Allocation to IT and Cybersecurity Crucial, Says Cybersecurity Expert
According to the latest research by NordLayer, a network security solution for businesses, cybersecurity solutions/services (66%) and cybersecurity training (57%) are the most popular IT investments among British businesses this year. The research also found that 61% of UK companies have in-house cybersecurity specialists, while 22% outsource such services.
Carlos Salas, a cybersecurity expert at NordLayer, explains that IT and cybersecurity budgeting are two different segments of financing. While IT covers overall technology investments, including hardware, software, personnel, and cybersecurity, cybersecurity is just a fraction of the grand scheme. This is why budgets can be tight and sometimes even non-existent.
The research also revealed that the most prominent types of cyberattacks in the UK from the last year were malware (43%), phishing (31%), and data breaches (26%). The financial damage varied, with 24% of companies experiencing losses of up to £5,000 and 17% facing losses of over £10,000. However, the actual numbers could be higher as 25% of companies could not disclose their losses due to cyber incidents.
When it comes to cybersecurity solutions currently in use among UK companies, the research found that nearly 8 out of 10 companies utilize antivirus software (79%). Password (63%) and file encryption (66%) managing solutions are also high priorities for organizations when creating security policies. Business virtual private networks (VPNs) are popular for securing network connections, with over half (55%) of companies using them. Cyber insurance (56%) is a relatively new solution that focuses on covering the consequences of an incident rather than preventing it.
Looking ahead to 2023, more than a quarter of UK companies (26%) plan to allocate up to 24% of their organizational budget for IT needs. However, most of them (39%) plan to invest less than a quarter of their budget. Only 2% of companies said they don’t plan to invest in cybersecurity in 2023, and all of them are small companies.
Salas emphasizes the importance of allocating a budget for cybersecurity, stating that cybersecurity investments receive only a small part of the allocated IT budget. He advises organizations of all sizes to have a strong cybersecurity strategy and to consider every employee responsible for cybersecurity, not just the IT department. He also recommends investing in cyber mitigation and remediation solutions, backup plans for threat scenarios, employee training, and dedicated staff for cybersecurity matters.
The research was conducted by NordLayer, surveying 500 companies in the United States, the United Kingdom, and Canada. The surveys were conducted between March 15 and 25, 2023, and the respondents were decision-makers for IT-related acquisitions in non-governmental organizations operating in the services industry. The companies were divided into three main groups based on size: small (1-10 employees), medium (11-200 employees), and large (201+ employees).
About NordLayer
NordLayer is an adaptive network access security solution for modern businesses. It helps organizations of all sizes fulfill scaling and integration challenges. The cloud-native solution offers protection to businesses of any size, complexity, or work model, including remote or hybrid workplaces. For more information, visit www.nordlayer.com.