IT Leaders Aim to Outgun Hackers with Bigger Cybersecurity Budgets in 2020

More than half of IT professionals are extremely concerned about the security of corporate endpoints in the face of sophisticated attack vectors like ransomware, disruptionware, phishing and others.

As sophisticated attackers increasingly exploit vulnerable devices, applications, and users, concerns are mounting among IT leaders. A survey of this year’s RSA Conference attendees – mostly managers/supervisors or C-level executives – reveals that spending on cybersecurity is rising as these anxieties mount.

Citing industry reports, the researchers noted a record number of breaches in 2019 – more than 5,000 – and an unprecedented barrage of ransomware attacks across the United States, impacting 966 organizations ranging from the business sector and government to healthcare and education. The total cost incurred in 2019 from cyber-attacks is estimated at $7.5 billion. The looming threat of a cyber-incident is pushing organizations big and small to spend more on cybersecurity, a figure projected by analysts to exceed $170 billion in 2022.

In one key finding from the survey, more than a third of IT leaders named incident response, recovery, and resilience as the most important element of their organization’s strategy. However, 55 percent agreed prevention was key to thwarting a cyber-attack.

More than three in four respondents also reported their organizations use endpoint security tools, multi-factor authentication, and employee training and education to protect data, devices and users. Less than half noted the use of tools focused on tracking missing, lost, or stolen devices or ensuring vendor / partner security.

Indeed, employee training seems to be a solid first step towards combating cyber threats. A Bitdefender survey of 6,000 infosec professionals across the US, EMEA and APAC shows that organizations that emphasize training are better at detecting attacks quickly and more efficient at isolating them. Our research also shows that 36% of businesses who haven’t suffered a cyber-incident believe they are likely facing one currently without knowing about it, underscoring the need to have the right tools and processes to detect a breach.

With an increasingly complex threat landscape, skill improvement is an area in dire need of attention and investment, respondents in our survey noted last year.

Asked about the potential impact of suffering a cyber-attack overnight, respondents in the Bitdefender survey named “business interruption” as the main consequence (43%) of being unaware of an ongoing breach.