Dive Brief:
- Security budgets have grown about 8% in 2024, marking a modest increase from the 6% growth in 2023, according to a report released Thursday from IANS Research and Artico Search. The average growth rates are down considerably from prior years, when security budgets rose 16% in 2021 and 17% in 2022.
- Security budgets as a percentage of IT spending is up considerably compared to prior years, according to the survey of 750 CISOs, 681 of which responded to budget questions. The report found security represents 13.2% of overall IT spending in 2024, compared with 8.6% of overall IT spending in 2020.
- Hiring has slowed considerably in recent years. Security staffs grew 12% in 2024, a big drop off when compared to the 31% growth in 2022 and 16% increase in 2023.
Dive Insight:
Companies are up against competing priorities as security teams are leading the charge to protect organizations from malicious attacks with sophisticated tools and improved cyber hygiene. At the same time, companies have been struggling to manage overall expenses due to ongoing concerns about the economy.
Security is often one of those areas where leaders are asked to deliver better protection from outside threats, however they aren’t always provided enough tools or expertise to make that happen.
As more corporate functions depend on digital technology, the need for strong security is directly tied to business growth strategies, Nick Kakolowski, senior research director at IANS, said via email.
“However, as security normalizes as a cost of doing business, we expect budget growth to continue, largely at an incremental pace,” Kakolowski said.
A report from Gartner last month shows security spending is expected to reach $212 billion by 2025, an increase of 15% from 2024 levels.
