Articles about budget

As we enter 2023, factors such as an uncertain economy, inflation, the fear of a recession, hiring freezes and layoffs, and supply chain issues continue to take their toll on businesses -- impacting not only daily operations, but budgets for the new year.

When it comes to cybersecurity spending, in particular, Curtis Fechner, engineering fellow, threat management at Optiv, says many executives expect their budgets to be unchanged in 2023, which is a best case scenario as the risk of cuts amid an uncertain economy and business landscape looms large.

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New research from cloud platform Fastly shows that while enterprises are increasing their cybersecurity spending they're not making the most of their investments.

While 73 percent of organizations worldwide are increasing their cybersecurity spending to protect themselves against future risks, IT leaders are investing poorly with only 61 percent of their cybersecurity tools fully active or deployed.

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Global businesses are hyper-aware of current economic conditions. With a looming recession, company leaders are now more cost-conscious than ever and have started to re-evaluate their spending and inventory. This means taking a closer look at technology expenditures like cybersecurity.

Over the next 6-12 months, decisions will be made about the future of many vendor relationships. Business leaders will group these relationships into two categories: the ones that deliver critical value to an organization and the ones that cost more than they are worth.

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Spending more money on cybersecurity tools doesn't necessarily mean you're less likely to suffer from a cyberattack. Until now though it's been hard to tell whether what you do spend is actually delivering a good return on investment.

Safe Security is today launching a new Return on Security Investment (ROSI) calculator that enables CISOs and CFOs to quantify the reduction in risk for each dollar invested in cybersecurity.

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The top three priorities for IT professionals are improving IT security overall (52 percent), increasing IT productivity through automation (33 percent), and migrating to the cloud (32 percent), according to a new report.

A survey of almost 2,000 IT pros from Kaseya also reveals the main three challenges are cybersecurity and data protection (49 percent), insufficient IT budgets and resources to meet demands (29 percent), and legacy systems that hamper growth and innovation (21 percent).

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Organizational cybersecurity has significantly improved over the last year, following positive shifts in influence by CISOs and changing attitudes towards security culture, according to a new report.

The ninth annual Information Security Maturity report, published by ClubCISO in collaboration with Telstra Purple, surveyed more than 100 information security leaders around the world and finds 54 percent report that 'no material incident occurred', in the past year, compared to 27 percent in 2021.

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Enterprise IT spending is continuing to increase, with 64 percent of respondents to a new study expecting to increase IT budgets in the next 12 months. This is up from 49 percent in January of 2021, though down from 71 percent before sanctions against Russia began in February.

The latest Flexera 2022 Tech Spend Pulse report -- based on a survey of 501 IT executives working in large enterprises with 2,000 or more employees, headquartered in North America and Europe -- shows organizations with 2,001 to 5,000 employees spend 10 percent of revenue on IT. For the largest companies (more than 10,000 employees), this drops to six percent.

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New research reveals enterprises are over-spending on cloud services by up to $8.5 million, as IT leaders grow frustrated with poor management tools, vendor-lock in and issues with accessing data.

A study from Couchbase of IT decision makers at enterprises with more than 1,000 staff finds a typical annual spend on cloud services to now stand at $33 million. However, functions that are not currently meeting businesses expectations account for over 35 percent of the total cost.

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A new study from IDG Communications finds that more than half (57 percent) of CIOs surveyed indicate the need for security improvements as a top reason for increasing tech budgets this year.

This is followed by upgrading outdated IT infrastructure (48 percent) and investing in new skills and talent (48 percent). In addition, over three-quarters (76 percent) think their involvement with cybersecurity will increase over the next year, along with their involvement in data privacy and compliance (71 percent).

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A new survey from Kaspersky finds 85 percent of IT decision makers in North America say their cybersecurity budget will increase anywhere up to 50 percent in the next 12 months.

The survey, carried out in October 2021 and targeting 600 IT decision makers in the US and Canada, finds 28 percent of respondents say their company annually invests anywhere from $25K-$50k in cybersecurity.

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Almost half (49 percent) of companies globally expect to increase IT spending in 2021, while 19 percent expect to keep it the same and 32 percent expect it to decrease, according to a new report from Flexera.

The pandemic has had an effect too, with 57 percent saying they increased spend to-date for SaaS due to COVID, and 49 percent saying they increased public cloud spend, while 36 percent decreased spend on on-premises software.

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As the number of people working remotely increases, organizations are relying more heavily on IT to manage day-to-day activities. This new demand placed on IT infrastructure, especially cloud technologies, brings with it a change. Instead of building a budget in the background, IT professionals need to evaluate how information is going to be consumed by the organization going forward.

In light of the current climate, business priorities are changing. To build a budget that’s agile and can react to changes in service consumption, it’s up to IT professionals to work with the wider organization to really understand what’s important going forward. Many organizations are starting to look to cloud-based technologies as a way to mobilize their workforce in the long term. This means as users continue to work remotely, they will consume more bandwidth and data at an increasingly exponential rate. This increase in consumption has a direct impact on the IT department and subsequently the budget.  

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