Companies worldwide are significantly increasing their IT security budgets in response to the rising threat of cyberattacks.
According to Kaspersky’s IT Security Economics report, organizations plan to boost their spending by up to 9% over the next two years.
The report highlights the severe financial consequences of cyber incidents. Despite their advanced security measures, large enterprises face an average of 12 attacks per year, costing them $6.2 million to recover. SMBs, on the other hand, experience 16 attacks annually, with recovery costs reaching $0.3 million.
The report also highlighted key factors driving the increased spending. They include the increasing sophistication of cyberattacks necessitates advanced security solutions to detect and respond to threats effectively, stricter data protection regulations are forcing organizations to invest in robust security measures to comply with legal requirements and the demand for skilled cybersecurity professionals is outpacing supply, leading to higher salary expectations and increased costs.
Meanwhile, Kaspersky has recommended some measures to mitigate cyber risks:
Comprehensive Security Solutions: Implement all-encompassing security solutions like Kaspersky Next to provide real-time protection, threat visibility, and advanced response capabilities.
Managed Security Services: Consider managed security services like Kaspersky Managed Detection and Response to leverage expert knowledge and automated security tools.
Employee Training: Invest in employee cybersecurity awareness training to minimize human error, a common entry point for cyberattacks.
By adopting these strategies, organizations can strengthen their security posture and protect their valuable assets from the ever-evolving threat landscape.