A new research from IANS Research and Artico Search released their security budget report which analyzes detailed cybersecurity budget data. This cycle, the cybersecurity budget was revealed to just increased by 6%.
2022-2023 Cybersecurity budget revealed from a study (Photo: IEEE Innovation at Work)
Annual Research Study Shows Cybersecurity Budget Data
According to Security Magazine, the annual research of the 2023 Security Budget Benchmark Report that analyzes cybersecurity budget data has been released by IANS Research and Artico Search.
The cybersecurity budget was shown to have increased by 6% despite the inflation. This shows that cybersecurity budgets continued to rise at a lower rate.
Study Highlights Decline in Cybersecurity Budgets
Yahoo Finance News reports that the cybersecurity budget increase of 6% is a decrease from the 17% increase in the previous budget cycle and marks a 65% reduction in growth.
The report highlights that the decline was most prominent in technology firms and retail sectors which dropped from more than 30% growth in the last security budget cycle which was in 2023-2022 to only more than 5% this cycle. Thus, 33% of organizations are freezing or cutting cybersecurity budgets. On the contrary, the business sector had more than 3/4 of companies had increased cybersecurity budgets.
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