Only half (49%) of organisations have sufficient budget to meet their current cybersecurity needs, according to a survey of IT and security professionals in the US and EMEA by the Neustar International Security Council (NISC).
One in 10 (11%) say they can, at best, protect just their most critical assets.
More than two thirds (69%) of respondents are concerned that budget constraints are limiting the use of new strategies, technologies and implementation practices, with 33% expecting their cybersecurity budget to stay the same or decline in 2023.
A large majority of survey participants (85%) say that hybrid working has increased their organisation’s reliance on third-party providers for outsourcing staff and resources. Of these, 78% believe the development has left them more exposed to distributed denial-of-service (DDoS) attacks (cited by 22%), system compromise (20%) and ransomware (18%).
Carlos Morales, Senior Vice President of Solutions at Neustar Security Services,said: “With mounting budget pressures, IT and security teams are once again being asked to do more with less, which will likely accelerate the adoption of service-based offerings that allow enterprises to flexibly scale up resources based on demand. While cost may be the driver, technology leaders must carefully consider what value potential service based offerings can deliver to ensure maximum impact to the organisation and prioritise partners that can deliver best-of-breed technology, professional expertise and word-class service.”
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