- Cybersecurity budgets have continued to grow, albeit at a slower pace than in 2020 and 2021.
- In 2023, cybersecurity budgets grew by 6% compared to double-digit growth in 2020 and 2021.
- The average security budget as a percentage of the total IT budget rose to 11.6% in 2023, continuing a four-year upward trend. This increase is attributed to more significant cuts in overall IT budgets than security budgets.
The 2023 Security Budget Benchmark Summary Report, created by IANS and Artico Search, presents an analysis of cybersecurity budget trends and the factors influencing these trends. Despite the economic challenges of 2023, such as inflation and global instability, cybersecurity budgets have continued to grow, although at a slower pace than in previous years.
In 2023, cybersecurity budgets grew by 6%, a reduction from the double-digit increases seen in 2020 and 2021. This growth, however, varied across sectors, with mature industries like technology, finance, and healthcare showing the most minor growth. Approximately 37% of CISOs reported their security budgets as flat or declining, a significant increase from 21% in the previous cycle. Despite slower growth, the emphasis on cybersecurity remains strong, with a notable shift in spending priorities, focusing more on staffing and compensation, which accounted for 38% of security budgets.
The report also highlights the changing dynamics in the allocation of IT budgets. The average security budget as a percentage of the total IT budget rose to 11.6% in 2023, continuing a four-year upward trend. This increase is attributed to more significant cuts in overall IT budgets compared to security budgets and the rising cost and complexity of security relative to more commoditized IT functions.
The survey aimed to gather comprehensive data on the size, growth, and breakdown of security budgets, ensuring objectivity and a broad representation of different sectors and company sizes.
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