Over two-thirds of IT security decision-makers report an increase in cybersecurity budgets for 2024

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This article is brought to you by Retail Technology Review: Over two-thirds of IT security decision-makers report an increase in cybersecurity budgets for 2024.

Infosecurity Europe 4-6 June 2024, the security event running at ExCeL London, has announced findings from research into the cybersecurity budgets of organisations, with 69% of surveyed IT decision-makers citing that they have seen, or will see, their cybersecurity budgets increase between 10-100% in 2024.

Almost one in five (19%) of those surveyed are seeing or are expecting to see budgets increase between 30-49% over the coming year.

“We continue to see pragmatic budgetary spend on cyber security under mounting macroeconomic pressures. The fast-changing threat landscape and tightening regulatory pressures have in the main seen security budgets benefiting from much-needed increases which is positively received”, said Mun Valiji, CISO, Trainline, Infosecurity Europe’s Advisory Council member.

For those who plan to increase cybersecurity budget in 2024, cloud security and incident response will see the biggest injection, with 47% noting that between 1-20% of the additional investment will be spent in those areas. Additionally:

  • 46% said 1-20% of their spend will go towards MSSP outsourcing and antivirus.
  • 45% of respondents said the same amount of spend will go on identity security management.
  • A further 44% are willing to invest between 1-20% of their budget on education and training.
  • 43% of respondents are willing to invest the same amount of their budget on managed detection and patching.
  • Whilst 41% consider investing the same budget in AI enabled cyber tools and consolidation.

Email security and threat exposure management seemed to be at the bottom of the priority list with only 40% saying they would invest between 1-20% of their additional budget in these areas. This could be down to the budget injection in MSSP’s and the potential to outsource these issues.

“One major consideration for cyber security spending in 2024, is the forecast, and in some cases significant increase in licences and associated support costs compared to 2023, either through direct price increases or the more insidious practice of licensed product scope manipulation. Add this to the continued rise in cyber professionals’ salaries, which makes outsourcing to an MSSP a more viable proposition for many businesses. SaaS in particular is seeing notable price increases, with many businesses ‘locked-in’ and with little choice but to bite the bullet,” explains Ian Hill, CISO, UPP Corporation, and Infosecurity Europe’s Advisory Council member.

The increase in cyber security budgets for many reflects the escalating concerns regarding online threats and data breaches and the need to fortify defences against cyberattacks. Against this backdrop, Infosecurity Europe 2024 will host a panel focusing on maximising budgets amidst turbulent times. It will offer a vital platform for CISOs and cybersecurity professionals to glean insights on topics such as articulating the costs of cyber tools and communicating a business case to secure more for their budget.  Attendees can also explore new strategies aimed at optimising their security expenditure including conducting an audit of existing systems, securing more value from what’s in place already, and investing in people rather than new systems.

Nicole Mills, Exhibition Director at Infosecurity Group, added: “Cybersecurity is all-encompassing and no business, organisation or individual is devoid of risk. The industry continues to grow, threats evolve and so too do the innovative products developed to protect against them. The conference provides a springboard for industry leaders, experts and vendors to join heads and join forces, to collaborate and share experiences and knowledge. Peers come together to debate and discuss critical topics, to find solutions to problems and put solid cybersecurity strategies in place. This year, Infosecurity Europe 2024 will continue to forge a future of innovation, collaboration, and resilience.”

The research also highlighted that for some, the tables had turned, with 15% of IT decision-makers highlighting that their security budgets had decreased, or will, in 2024. A minor 4% had seen, or expect to see, no change in their budget for 2024.

The research comes as visitor registration for Infosecurity Europe 2024 has opened with the findings being indicative of some of the themes and discussions lined up for this year’s conference which will run from Tuesday 4th to Thursday 6th June 2024 at ExCeL London. Cybersecurity professionals and members of the infosec community are invited to sign up and secure their place to hear more about the pressing issues topping the agenda at this year’s event.

The event will provide opportunities to hear from, and network with, the people who make up our community, exchange ideas, build resilience and be able to work together to protect our shared future. Below are some of the sessions and opportunities that visitors will be able to take advantage of at the 2024 event:

  • Hear from speakers at the sharp end of the industry who are tackling major information security challenges every day. Look out for the upcoming keynote announcement.
  • Join a networking programme open to CISOs and heads of information security with a programme of ‘off-the-record’ roundtables informing security strategies, and the opportunity to discover the latest technology and solutions in their field.
  • Take inspiration from a presentation series that addresses the strategic business challenges impacting information security and showcases the latest information and cybersecurity insight, knowledge, and expertise.
  • Gain new perspectives and strategies to apply within the organisation to enhance cyber-resilience and strengthen security posture as well as fresh ideas on how to tackle strategic and technical cybersecurity challenges.
  • Join ‘how to’ sessions that deal with how to overcome specific challenges.
  • Get to grips with the latest products and technological innovations from exhibitors as they are put in the spotlight, guiding organisation’s security investment and ensuring ROI.
  • Benefit from in-depth, practical sessions offering advice on how to strengthen information security posture. Security workshop expert speakers will provide attendees with learning-orientated sessions to improve their skills while networking with peers.
  • Participate in immersive, hands-on learning experiences as well as learning from the experts, with activities for varying levels of experience.
  • Hear experts address future industry developments and how to be prepared to seize these opportunities. Discussions will cover everything from channel, diversity, and access to the industry, through to professional development. More details will be shared as speakers are announced.
  • Join fellow women in cybersecurity at a popular networking event with high demands for attendance and hear from senior female leaders in cybersecurity.
  • Infosecurity is committed to supporting cutting-edge companies that are embarking upon growth by providing a launchpad to hear from them. This is exclusively for companies that are three years in maturity.

Methodology

The research was conducted by Censuswide, among a sample of 200 IT Security Decision Makers (18+). The data was collected between 18.01.24 - 23.01.24. Censuswide abides by and employs members of the Market Research Society and follows the MRS code of conduct and ESOMAR principles. Censuswide is also a member of the British Polling Council.

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