According to Neustar Security Services, only 49% of EMEA and US-based organizations believe they have enough budget to meet their current needs, and many say funding may actually decrease in 2023 .
The cloud security provider interviewed IT and security professionals from six markets in the US and EMEA to better understand their cyber risk challenges.
It found budget to be a pressing concern, with more than one in 10 respondents (11%) saying they only have enough to protect their most critical assets.
More than a third (35%) admitted that budgets would remain stable or decrease in 2023, potentially exposing their organization.
Even though the vast majority of respondents (83%) said their C-suite understands the severity of the current threat landscape, 69% are concerned that budget challenges limit the deployment of new strategies and technologies.
These concerns are particularly acute at a time when ransomware (75%), phishing (74%), DDoS (72%), targeted hacking (71%) and social engineering (71%) attacks are perceived as being on the increase.
Respondents felt the biggest threat to their security posture was the increased sophistication of attacks, cited by 60%. Other top concerns were listed as increased attacker activity (54%), budget constraints (35%) and an expanding attack surface (35%).
Senior Vice President of Solutions at Neustar, Carlos Morales, argued that IT and security teams have been tasked in recent years with driving digital initiatives amid skills shortages, more sophisticated attacks and… an increasing attack surface.
“With increasing budget pressures, IT and security teams are again being asked to do more with less, which will likely accelerate the adoption of service-based offerings that allow enterprises to flexibly scale up resources in depending on demand,” he added.
“While cost may be the driver, technology leaders need to carefully consider the value that potential offerings can deliver to ensure maximum impact on the organization.”