{"id":68361,"date":"2023-06-26T14:59:24","date_gmt":"2023-06-26T06:59:24","guid":{"rendered":"https:\/\/version-2.com\/?p=68361"},"modified":"2023-06-26T15:14:18","modified_gmt":"2023-06-26T07:14:18","slug":"best-practices-on-cybersecurity-budget-allocation-a-research-based-guide","status":"publish","type":"post","link":"https:\/\/version-2.com\/en\/2023\/06\/best-practices-on-cybersecurity-budget-allocation-a-research-based-guide\/","title":{"rendered":"Best practices on cybersecurity budget allocation: a research-based guide"},"content":{"rendered":"
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Building a cybersecurity strategy is challenging. It requires more than just technical knowledge and managerial skills but also demands financial resources.<\/p>\n

Business budgeting tendencies show that cybersecurity investments receive only a small part of the allocated IT budget. Cybersecurity funds must be distributed wisely to ensure valuable outcomes, prove the chosen security direction effective and minimize resources\u2019 waste.<\/p>\n

The main challenge is how to achieve effective security spending. How much should businesses allocate to cybersecurity, and what factors like company size or maturity does it depend on?<\/p>\n

According to Statista<\/a>, information security investments in different categories continuously grow. Projections for 2024 indicate worldwide spending on information security will double compared to 2017<\/strong>.<\/p>\n

The trend confirms the necessity of considerable cybersecurity funding. To understand it better, let\u2019s dive into research-based data on how businesses of different sizes and cybersecurity maturity distribute their allocated budgets.<\/p>\n\n

Research methodology<\/h2>\n

NordLayer surveyed 500 non-governmental organizations across Canada, the United Kingdom, and the United States. An external agency conducted the surveys between March 15 and 25, 2023.<\/p>\n

Industries and subindustries represented in the research include business management and support services, e-commerce, education, finance and insurance, health care, information and communication, IT, professional and technical services, and consulting.<\/p>\n

The survey explored the organizations\u2019 cybersecurity maturity level (Beginner, Basic, and Advanced), their cybersecurity solutions, and the presence of an in-house specialist or responsible department. It also included questions about cyber incident costs and allocated budgeting for IT and security in the period of 2022-2023.<\/p>\n

Companies were segmented by size:<\/p>\n\n