A recent study by cybersecurity and digital privacy company Kaspersky has revealed that 15% of companies worldwide have experienced cyber incidents in the past two years due to insufficient investment in cybersecurity. The study found that critical infrastructure, oil and gas, and energy organizations were the most affected by these incidents, primarily due to improper budget allocation. Additionally, one in five companies admitted to not having enough funds for adequate cybersecurity measures.
Kaspersky conducted the study to gather the opinions of IT security professionals working for SMEs and enterprises globally regarding the human impact on cybersecurity within a company. The telecommunications sector accounted for 13% of cyber incidents caused by budget constraints, while transport and logistics, as well as financial services companies, each experienced 8% of such incidents. When asked about their budget for cybersecurity measures, 78% of respondents stated that they were equipped to keep up with or even stay ahead of new threats. However, 21% of companies reported insufficient funds to properly protect their infrastructure. Shockingly, 3% of companies claimed to have no dedicated budget for cybersecurity at all.
The study also revealed that many companies are eager to strengthen their cybersecurity in the next 1-1.5 years. The most popular areas of investment include threat detection software and training programs for cybersecurity professionals and general staff. Other measures organizations plan to take soon include implementing endpoint protection software, hiring additional IT professionals, and adopting SaaS cloud solutions.
Ivan Vassunov, VP of Corporate Products at Kaspersky, emphasized the importance of aligning cybersecurity investment with business strategy and considering it as one of the company’s goals. He highlighted the use of modern approaches and technologies, such as investing in developing their SASE portfolio, XDR, and MDR with integrated AI and machine learning. Kaspersky also provides C-level dashboards and reports for CISOs to ensure process transparency and prove the value of their solutions.
To maximize cybersecurity budgets, Kaspersky recommends implementing products with Advanced Anomaly Control, such as Kaspersky Endpoint Detection and Response Optimum. For smaller enterprises or companies with limited budgets, Kaspersky Endpoint Security Cloud offers an all-in-one hosted SaaS console for managing various cybersecurity tasks. Kaspersky also provides training programs to educate employees on safe internet behavior and IT security best practices.
In conclusion, the study highlights the need for companies to prioritize cybersecurity investment and allocate sufficient funds to protect their infrastructure. By investing in advanced technologies and training programs, organizations can stay ahead of evolving threats and ensure the safety of their digital assets.