Cybersecurity budgets being misspent and not meeting expectations

Integrity360, cybersecurity services specialist, has announced findings from a Twitter poll to gain visibility into cyber security budgets and over-surplus solutions within businesses. The poll, which was conducted between 8-10 March, found that over 30 per cent of businesses believe that 30 per cent of their budget is being allocated to tools and solutions that are not being used to their full potential. 

In addition, almost 30 per cent of those surveyed agree that they have more than 31-40 tools and solutions within their tech stack that could be removed due to overlapping and unused features.

Richard Ford, CTO, Integrity360 said, “whilst businesses recognise the need to allocate more budget towards cyber security, the difficulty lies in knowing where to apportion the spend. It’s easy to throw money at all the shiny new tech and solutions on the market, but this results in disparate systems, with too many tools deployed for specific purposes, that ultimately go unmanaged and underutilised.”

46 per cent of polled respondents believe the most damaging impact of a cyber security breach to be the financial loss. Unsurprising given the huge financial repercussions experienced by businesses in the wake of a security incident and the upsurge in ransomware attacks.

Richard said, “businesses need a cyber security strategy that provides full visibility over their tech stack and the solutions they have, those they need and those they can do without. An overabundance of solutions with features that overlap or aren’t required is an accident waiting to happen, and a drain on budget and efficiency.

“These results are concerning, especially at a time of economic downturn when cyber security budgets are tight, and risks are heightened.  Yet the budget is being spent on unnecessary and unused solutions. Consolidation of platforms and convergence of technologies can be a useful way to optimise spending in addition to improving overall security posture.”

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