Businesses are recognizing the importance of their employees in maximizing the value of security technology, according to recent research. While AI-driven cybersecurity is often praised for its potential to enhance digital defenses, a new study reveals that nearly half of the companies planning to increase cybersecurity spending in the next year will do so to strengthen their human resources.
A paper by IBM examined the cost of data breaches and found that organizations that experienced such breaches faced an average cost of $4.45 million, which could rise to as high as $10.93 million in sectors like healthcare. The study also highlighted the positive impact of AI and automation solutions on breach identification and containment. Companies with these solutions in place were able to detect and contain breaches 108 days faster than those without, resulting in a $1.76 million lower breach cost.
However, it is important not to underestimate the changes required to fully leverage AI technology. While AI may seem like a magical solution for keeping cybercriminals at bay, successful implementation depends on both the technology and the human employees who use it.
A recent study by cybersecurity consultancy S-RM found that although 97% of firms plan to increase their use of AI tools, only 53% are confident in securing these tools. The introduction of new tools creates opportunities for criminals, especially if they are not implemented properly.
S-RM surveyed 600 c-suite and IT budget holders from organizations with a revenue over $500 million in the UK and US. The study revealed a shift in companies’ perceptions of their investments in digital tools. In previous years, around three-in-five respondents believed that technology provided high value for money. However, in 2023, less than half agreed with this statement.
Further analysis showed that certain areas of technology investment were seen as even less valuable. Only 49% of respondents considered cybersecurity technologies as high value for money, while risk assessments and third-party risk management received even lower ratings. This decline in perceived value reflects a growing awareness that investing in cybersecurity technology also requires investment in governance and personnel. S-RM’s findings suggest that this awareness is driving increased investment in the coming year.
Although cybersecurity budgets grew by 3.1% in 2023, companies anticipate an 8% increase in the next year. When asked about the reasons behind this, around 40% of respondents mentioned upskilling their teams or hiring more skilled personnel to effectively deploy new technology. These responses indicate a shift in the belief that new cybersecurity technology alone is sufficient.
However, there appears to be a disconnect between decision-makers and IT professionals. While 56% of C-Suite executives consider cybersecurity a high-value investment, only 43% of IT professionals share this view. This discrepancy may result from differing expectations between those deploying cyber technologies and those overseeing their implementation.
Jamie Smith, head of cybersecurity at S-RM, emphasized the need for increased cybersecurity budgets to address the growing cyber threat. Smith noted that organizations must carefully allocate their cybersecurity spend to areas that provide value for money and enable them to manage emerging threats effectively.
Overall, the research highlights the importance of recognizing the role of employees in maximizing the value of security technology. While AI-driven solutions offer significant benefits, successful implementation requires investment in human resources and effective governance.