Cybersecurity Spending Expected to be Slashed in 41% of SMEs
Cybersecurity spending is predicted to be cut by 41% of SMEs over the coming year amid the challenging economic environment, according to new research by JumpCloud.
Nearly three-quarters (72%) of IT admins surveyed in the US, UK and India agreed that any cuts to their security budgets will increase organizational risk.
SMEs in India were most likely to experience cybersecurity cuts (58%). This was followed by the US (40%) and UK (25%).
The risk of budget cuts comes despite respondents identifying security as their biggest IT challenge (56%).
Over half (56%) of IT admins also said they’re more concerned about their organization’s security posture than they were six months ago.
Additionally, there was significant unease around the impact of AI on cybersecurity. Nearly two-thirds (62%) agreed that AI is outpacing their organization’s ability to protect against threats overall.
Source: Infosecurity Magazine