Companies Worldwide to Ramp Up IT Security Budgets by 9% Amid Rising Cyber Incidents and Associated Financial Losses
Companies worldwide, including those in Pakistan, are poised to increase their IT security budgets by up to 9.0 percent, according to the latest findings from the ‘IT Security Economics’ report published by Kaspersky.
The research indicates that large enterprises reported a median security budget of $5.7 million out of a total IT expenditure of $41.8 million. Meanwhile, small and medium-sized businesses (SMBs) allocated $0.2 million for IT security from an overall budget of $1.6 million.
This increase in budget allocation is a response to the escalating financial losses associated with cyber incidents globally. Kaspersky’s annual survey spanned 27 countries, encompassing regions like Europe, the Middle East, Turkiye, Africa, Latin and North America, and the Asia-Pacific.
The report further details that large enterprises have encountered an average of 12 cyber incidents this year, with recovery costs amounting to $6.2 million, which is 1.1 times higher than their dedicated IT security budgets. In contrast, SMBs faced around 16 incidents, with recovery expenses reaching $0.3 million, representing 1.5 times their security budget. In Pakistan, companies reported an average of 11 incidents over the last year.
Veniamin Levtsov, Vice President of Kaspersky’s Centre of Corporate Business Expertise, attributes the increased budget allocations to the escalating complexity of cyber threats, the advent of new regulatory measures, and growing salary demands within the cybersecurity sector.
Kaspersky has recommended that companies adopt its comprehensive IT security solutions, like the Kaspersky Next product line, and consider utilizing managed security services for those lacking in-house expertise. The firm also emphasizes the importance of employee training to enhance cybersecurity awareness and preparedness.
" 
” 
" 
” 
” 
” 
” 
