75% of US organizations expect to increase their IT security budget in the next three years

A recent report analyzing the financial impact of IT security on US-based businesses reveals that precisely three quarters of organizations in the United States expect to increase their IT security spending in the next three years. The report also showed that over a third of businesses currently struggle to secure the spending required to implement information security controls and protect their organizations from the evolving security threats.

Cyber security tops the agenda for governments, regulators, and organizations

Based on data collected from more than 4,000 businesses, the report examines the costs of data breaches and current attitudes towards security threats and solutions. Moreover, it argues that, as more information “migrates to digital form, and the ways in which it is accessed and created continues to evolve,” the risk of cyber attack will increase exponentially, making cybersecurity a top priority for governments, industry regulators and organizations worldwide.

Information security accounts for less than 20% of the total IT budget

On average, the total spent on information security solutions in the US accounts for less than 20% of the total IT budget, according to 73% of respondents to the survey. Moreover, the report highlights that one in ten businesses in the US spend less than $2,500 on total IT provision every year.

The estimated average financial impact of a single data breach is between $86.5k and $861k

Furthermore, the report puts into context the financial impact of a single data breach. It is estimated that the attack vector for small and medium businesses is $86.5k, while larger enterprises face a “staggering” $861k.

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