Two thirds of companies spending more on cyber security in 2022
Research by CS Hub has revealed that 63 percent of companies are spending more on cyber security than in FY 2021
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Almost two thirds (63 percent) of cyber security practitioners have reported spending more on cyber security in 2022 in 2021, CS Hub research has revealed.
In the CS Hub Mid-Year Market Report 2022, 63 percent of those surveyed said they were spending either ‘slightly more’ (33 percent) or ‘significantly more’ (30 percent) on cyber security in this financial year than the financial year 2021.
The spending now matches the risk profile of cyber security as a business risk says Jeff Campbell, technology manager and previously CISO at Horizon Power, an Australian power supplier.
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While the increase in spending is good news for cyber security practitioners, Tom Kartanowicz, regional CISO Americas at Commerzbank AG, a major German bank, warns that the macro-economic climate is a cause for concern for FY 2023 budgets.
“It’s easy to spend when the economic climate is one of growth but with recession forecasts for 2023 [there will be] a deteriorating economic environment,” Kartanowicz remarks. “I’d be surprised if this trend carries on into next year. It’s a healthy budget state today but I’m worried about tomorrow.”
Overall, it is difficult to predict whether cyber security spending will change in the future, and what this change will look like. If risk reduction can be demonstrated, then cyber security spending may continue on a slow growth.
However, if the current spending climate is considered, with many companies having to consider competing business priorities, cyber security may see a plateau or even a shrink in spending. For the 37 percent of those either not spending more or even spending less than in FY 2021, they may be more vulnerable to cyber crime if they do not have sufficient security controls in place.
