Security Budgets Rise As Firms Confront Cyber Breaches

IT security teams are ramping up their capabilities and spending large sums to do it, judging by Security Priorities Study, a paper from Foundry.  

Annual security budgets average $16 million at small businesses and $122 million at enterprise firms. For SMBs, that total has grown from $5.5 million in 2020.  

To a large extent, those monies are being spent on upgrades. For instance, 22% plan to upgrade/refine their authentication technology (i.e., multifactor, role-based) and access controls (i.e., network data). Another 21 expect to upgrade data backup and recovery technology.  

Still, 90% of organizations believe they are falling short in addressing cyber risks. 

One thing that gets in the way is a shortage of security skills. To address this, firms are:

  • Asking current staff to take on more responsibility — 45%
  • Utilizing technology to automate security practices — 45% 
  • Outsourcing security functions — 42%



Many security breaches, whether caused by employees opening malware or more systemic attacks, start close to home. The main causes are: 

  • Non-malicious user error — 34%
  • Security vulnerabilities at third-party individuals or organizations — 28% 
  • Unpatched software vulnerabilities — 27% 
  • Misconfiguration of services or systems either on- or off-premises — 26% 
  • Software supply chain breaches — 17%

The top security technologies are:

  • Security Orchestration, Automation and Response (SOAR0 — 34%
  • Zero Trust technologies — 32%
  • Secure Access Service Edge (SASE) — 32% 
  • Deception technologies — 30%
  • Ransomware broker — 30%

Foundry surveyed 872 security leaders worldwide.   

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