new survey reveals that biggest pain points for chief information security officers are 3rd party risk management and AI security. IAM, Cloud Security and Data Security budgets expected to expand.
Despite the global economic slowdown, 56% of chief information security officers (CISOs) report that their budget has increased since 2022, according to Team8’s recent 2023 CISO Village Survey. The report aggregates insights and responses from 130 CISOs representing global prominent enterprises, including Fortune 500 companies.
The Team8 CISO Village survey provides findings and insights in the following categories:
- Security Budgets
- Budget Line Expansion Expectations
- Organizational Cybersecurity Problems
- Evolution of the CISO role
Cyber Budgets increase Amidst Economic Uncertainty
Despite being in a period of economic slowdown, 56 percent of survey respondents reported an increase in their cybersecurity budget from 2022. This data aligns with the global trend that cybersecurity spending has not been significantly impacted by recent geopolitical and economic challenges as expected, as cyber threats continue accelerating.
Among the CISOs reporting budget decreases, the majority of these cuts were observed in larger companies with over 100 cybersecurity employees and budgets exceeding $10 million.
“In a world rife with economic and geopolitical challenges, cybersecurity takes center stage as enterprises recognize the critical necessity of increasing investment in robust defense measures to protect their most valuable assets,” said Admiral Mike Rogers, Former Director of the NSA and Operating Partner at Team8, speaking on the centrality of cybersecurity in an enterprise’s strategy in 2023.
Budgets Have Increased, But Where Are They Going To Be Allocated?
Identity and Access Management (IAM) and Cloud Security are the top categories for anticipated budget expansion, according to the survey. With the accelerated adoption of cloud technologies and remote work trends, CISOs seek to enhance their cybersecurity posture by investing in robust IAM and cloud security solutions.
Commenting on why Cloud Security budgets are expected to increase, David Cross, SVP, CISO SaaS Cloud Security at Oracle, said: “Businesses are rapidly migrating their data and applications to the cloud to take advantage of the innovation and security benefits that are difficult to achieve in on-premise environments. They are equally seeking out cloud security best practices, technologies and solutions to assist in this transition from the traditional datacenter skills, experiences and processes.”
Renee Guttmann, former CISO at Campbell Soup Company, Royal Caribbean Cruises and Coca-Cola, commented on expected IAM budget line expansions: “Identity and access management is a decades old challenge that requires clear prioritization and investment to address the protection of cloud, SaaS and IoT environments.
“Companies will need to embrace emerging technology including AI based identity solutions that will more effectively – and at scale – validate identity, support compliance and enable the detection and response of behavioral anomalies of its employees, third parties, and IoT systems,” Guttmann continued.
What’s Keeping CISOs Up At Night?
Surveyed CISOs expressed the need for innovation in several areas to tackle emerging cybersecurity challenges. Third-party risk management, AI security, and insider threats emerged as the most pressing problems where existing solutions fell short. The COVID-19 pandemic and the rapid adoption of remote work have created unmet needs in existing IGA tools and programs. With the rise of Generative AI, 48% of surveyed CISOs pointed to “AI Security” as their biggest concern.
Regarding these emerging challenges, Adm. Rogers added, “As technology evolves, it brings with it a new breed of risks that demand our constant vigilance – complacency is not an option in the face of evolving threats. We are determined to stay one step ahead of malicious actors by driving innovation in critical areas, as the need to manage third-party risks and AI security.”
For more insights into the report, download “The Pulse on CyberSecurity: Key Findings from Team8’s 2023 CISO Village Survey.”