Approximately 15 percent of companies worldwide have faced cyber incidents within the past two years, primarily attributed to inadequate investment in cyber security measures.
According to a recent study conducted by Kaspersky, a global cyber security and digital privacy firm, organizations in critical infrastructure, oil & gas, and energy sectors were the most affected due to improper allocation of cyber security budgets.
Alarmingly, one out of every five companies globally admits to lacking the necessary budget for effective cyber security.
Kaspersky conducted a comprehensive study to gauge the perspectives of IT security professionals working in both small and medium-sized enterprises (SMEs) and large enterprises worldwide regarding the impact of human factors on cyber security within their organizations.
In terms of sectors, the telecommunications industry accounted for 13% of reported cyber incidents attributed to budget constraints, while transport & logistics, and financial services companies each reported 8% of such incidents.
Regarding budget allocation for cyber security measures, 78% of the respondents from across the globe expressed confidence in their ability to confront and proactively address emerging threats, as per the global study.
However, 21% of companies are struggling in this regard, with 18% stating that they lack adequate funds to safeguard their infrastructure effectively. Alarmingly, 3% of companies disclosed that they have no dedicated budget allocated for cyber security.
Many respondents indicated their companies’ intentions to bolster cyber security efforts in the coming 1-1.5 years. Among the popular areas for investment are threat detection software and training programs.
Specifically, 39% of companies plan to allocate budgets for educational programs targeting cybersecurity professionals, while 38% intend to provide training for their general staff.
Other measures organizations are planning to implement include deploying endpoint protection software, hiring additional IT professionals, and adopting SaaS cloud solutions.
Ivan Vassunov, VP of Corporate Products at Kaspersky, emphasized the importance of aligning cybersecurity investment with business strategies, treating cybersecurity as a critical business goal.
Vassunov also recommended the implementation of cybersecurity products with Advanced Anomaly Control, such as Kaspersky Endpoint Detection and Response Optimum, to maximize cybersecurity budgets’ effectiveness.
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