A recent study by Kaspersky, a global leader in cybersecurity and digital privacy, sheds light on the repercussions of inadequate cybersecurity investment, with at least 15% of companies globally experiencing cyber incidents in the last two years. The study focuses on opinions from IT security professionals in SMEs and enterprises worldwide, uncovering critical insights into the human impact on cybersecurity.
Startlingly, organizations in critical infrastructure, oil & gas, and energy sectors bore the brunt of cyber incidents due to improper budget allocation. Alarmingly, one in five companies worldwide confesses to lacking the budget for adequate cybersecurity measures.
Key findings from the study indicate that the telecommunications sector suffered 13% of cyber incidents due to budget constraints, while transport & logistics and financial services companies each faced 8% of such incidents. Despite 78% of respondents globally claiming to be equipped to combat new threats, 21% struggle due to insufficient funds to protect their infrastructure adequately.
The study also revealed that 3% of companies lack dedicated budgets for cybersecurity altogether. Looking ahead, many organizations are keen to bolster their cybersecurity in the next 1-1.5 years. Top areas of investment include threat detection software and training, with 39% allocating budgets for cybersecurity professional education and 38% for general staff training.
Other measures on the horizon include the adoption of endpoint protection software, hiring additional IT professionals, and embracing SaaS cloud solutions. Ivan Vassunov, VP of Corporate Products at Kaspersky, emphasizes the need for aligning cybersecurity investment with business strategy and viewing cybersecurity as a business goal.
“To ensure process transparency and prove the value of our solutions, we also provide C-level dashboards and reports for CISOs, which include information on how many incidents we prevented, how quickly incidents were investigated, and the effectiveness of deployed cybersecurity solutions,” commented Vassunov.
Kaspersky recommends implementing cybersecurity products with Advanced Anomaly Control, such as Kaspersky Endpoint Detection and Response Optimum, to optimize cybersecurity budgets effectively. The study underscores the critical importance of strategic cybersecurity investment in the face of evolving threats.
