The average cost of cybersecurity systems, solutions and staff is increasing. As noted by research firm Gartner, companies will spend 11% more in 2023 than they did in 2022 to effectively handle security and risk management.
This puts companies in a challenging position: If spending stays the same, IT environments are at risk. If they budget more for cybersecurity, funding for other projects may fall through.
The result? Businesses must balance rising cybersecurity costs with finite budget resources.
What’s Driving Increased Costs?
Several factors are driving increased cybersecurity costs.
The first is evolving regulations, such as the new White House cybersecurity strategy. According to Utility Dive, the strategy focuses on industries such as energy and recommends that organizations build proactive cybersecurity that underpins interconnected hardware and software. Given that many enterprises still rely on legacy systems to support key functions, however, upgrading to proactive processes could come with a significant price tag.
And while private companies may not be subject to the same regulations, customers are increasingly concerned about data protection. According to TechRepublic, 45% say they would stop doing business with an organization after a successful cyberattack. So whether it’s to comply with government regulations or meet customer expectations, enterprises will likely pay more to build proactive cybersecurity frameworks.
Staffing also remains a key issue. Consider a 2022 survey from the World Economic Forum (WEF) ..
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