Despite the overall Information Technology cuts across the world as a result of the ravaging Covid-10 pandemic, a great number of companies, especially the Small and Medium Businesses have increased their budget for cybersecurity.
According to a new Kaspersky report titled ‘Investment adjustment: Aligning IT budgets with changing security priorities’, investment in cybersecurity grows from 23% in 2019 to 26% in 2020 for SMBs, and from 26% to 29% for enterprises.
The report, which was based on a survey of more than 5,000 IT and cybersecurity practitioners also noted that 71% of organisations expect their cybersecurity budget to grow further in the next three years.
In monetary terms, small and medium businesses allocated $275k to cybersecurity while enterprises invested $14m. The majority of companies are expecting these figures to grow in the next three years by 11% in enterprises and 12% in SMBs, on average.
“2020 has put many companies in situations where they needed to respond, so they wisely concentrated all their resources and efforts on staying afloat. Even though budgets get revised, it doesn’t mean cybersecurity needs to go down on the priority list. We recommend that businesses, who have to spend less on cybersecurity in the coming years, get smart about it and use every available option to bolster their defenses – by turning to free security solutions available on the market and introducing security awareness programs across the organisation. Those are small steps that can make a difference, especially for SMBs,” commented Alexander Moiseev, Chief Business Officer at Kaspersky.