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 lauded for its potential to enhance digital defenses, a study reveals that nearly half of the firms 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 experience such breaches face increasing costs, with an average of $4.45 million. In high-impact sectors like healthcare, this figure can rise as high as $10.93 million. The study also highlighted the positive impact of AI and automation solutions on breach identification and containment. Organizations with these solutions in place were able to identify and contain breaches 108 days faster than those without, resulting in a $1.76 million lower data breach cost.
However, it is important not to underestimate the changes required to fully leverage AI technology. While AI may seem like a magic solution for shutting out cyber-criminals, successful implementation relies on both the technology and the human employees using it.
A new study from cybersecurity consultancy S-RM reveals that although 97% of firms plan to increase their use of AI tools, only 53% are confident in securing those tools. The introduction of new tools presents opportunities for criminals if not implemented properly.
S-RM surveyed 600 c-suite and IT budget holders from organizations in the UK and US with a revenue over $500 million. The study found that fewer companies view their investments in digital tools as providing high value for money. In particular, cybersecurity technologies were seen as high value by only 49% of respondents, while risk assessments and third-party risk management scored even lower at 42% and 40% respectively. This shift likely reflects a growing awareness that investing in cybersecurity technology also requires investment in governance and personnel.
Despite this, cybersecurity budgets are predicted to rise by 8% in the coming year, with firms aiming to upskill their teams and hire more skilled personnel to effectively deploy new technology. However, there appears to be a disconnect between decision-makers and IT professionals. While 56% of C-Suite executives consider cybersecurity a high value for money investment, only 43% of IT professionals share this view.
Jamie Smith, head of cybersecurity at S-RM, emphasized the need for increased cybersecurity budgets to address the growing cyber threat. He highlighted the importance of investing in training and development for teams, but noted that cyber professionals are not receiving the necessary budget to deliver on these critical initiatives. Organizations must carefully allocate their cybersecurity spend to effectively manage emerging threats while working within budget constraints.