Emerging Trends in Cybersecurity Spending
Businesses are making notable strides in maturing their cybersecurity architectures, with the average maturity score rising by 3 points to reach 49 out of 100. On average, companies are allocating 5.6% of their IT budgets to cybersecurity initiatives, with less mature sectors investing more to catch up.
The increase in spending is in response to various emerging threats in the cybersecurity landscape. Five critical trends from the 2023 Cyber Benchmark shed light on how the market is maturing cybersecurity:
1) Pushing Back Against Ransomware:
Businesses are adapting to ransomware threats, leading to a reduction in vulnerable businesses. Only 23% are considered at critical risk of ransomware attacks, indicating progress. The financial services and energy sectors lead in maturity ratings, while service and public sector businesses have the most critical status instances due to vast quantities of personal data exposed.
2) Maturing Cyber Reaction & Detection Capabilities:
Investments in improved tools and processes are enhancing incident response effectiveness and speed. Key investments include detection probes connected to Security Information and Event Management (SIEM) platforms, standardized crisis contingencies, and improved Indicator of Compromise (IOC) data architectures.
3) Focus On Cloud Security Technologies:
Investments in improved tools and processes are enhancing incident response effectiveness and speed. Key investments include detection probes connected to Security Information and Event Management (SIEM) platforms, standardized crisis contingencies, and improved Indicator of Compromise (IOC) data architectures.
4) Stagnating third-party security development:
Although businesses rely on third-party service providers, the adoption of tighter security clauses in contracts has not grown. Supplier audits are also lagging, affecting mutual security challenges.
5) Industrial Security Gaining Ground
Heavy investment in Operational Technology (OT) and Industrial Control Systems (ICS) is accelerating the maturity of basic infrastructures and architectures. Companies are deploying firewalls, integrating cybersecurity organizations within the industrial scope, and building Demilitarized Zones (DMZs) for advanced filtering and access controls.
However, there are still areas for improvement in the cybersecurity sector. For instance, only 58% of companies have shifted to dedicated ICS administration tools, and just 37% integrate their OT security logs into an integrated SIEM platform.
To develop an effective and efficient long-term cybersecurity strategy, businesses need to understand where they stand compared to their competition. The Risk Assessment by FocusConnect can help companies evaluate their own cybersecurity maturity and make informed decisions regarding their cybersecurity strategy.