Enterprise spending on cybersecurity has changed, and vendors must adapt
Even in the usually exciting world of cybersecurity, discussions on enterprise security budgets tend to veer toward the mundane. However, today’s macroenvironment has thwarted almost every market prediction, and while we know for certain that the down market has driven most companies toward austerity, its true impact on cybersecurity spending has remained an enigma — until today.
A recent report by YL Ventures based on data pulled from surveying Fortune 1000 CISOs (chief information security officers) and cybersecurity decision-makers is shedding light on the impact of the down market on buying behavior, how security strategies are evolving in response and how customer interactions with vendors have changed as a result.
The biggest takeaway? Half of CISOs can still accommodate new solutions, and, contrary to low expectations, 45% of cybersecurity budgets remained unchanged or have even been increased. Specifically, a third of respondents (33.3%) report unchanged budgets and 12.2% saw their budgets raised.
Meanwhile, another third (33.3%) of cybersecurity budgets have been cut while 21.2% of cybersecurity leaders are currently managing frozen budgets, meaning that new spending is not possible.
Source: Tech Crunch