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Why Enterprises Should Increase Cybersecurity Budgets in 2021 and Beyond

Date

16/04/2021

Written by

Airnow

It may seem obvious, but it is still worth restating: the more organisations invest in their cybersecurity, the better equipped they are at handing out potential threats. As we move past Q1 2021, it appears that more and more organisations are starting to appreciate the utility of this statement.

Indeed, according to PwC, (55%) of technology and security executives plan to increase security budgets in 2021. This is no doubt a consequence of the numerous high-profile breaches that have become all too familiar in recent years, as well as the added risk associated with digital transformation as more and more employees are working from home.

Organisations prepare for long-term work from home

It’s becoming increasingly clear that working from home is more than a short term solution, and to compensate for the increased risk this poses from a cybersecurity perspective businesses are beginning to expand their spending on cybersecurity.

High profile attacks are prompting action

After numerous high profile cyber attacks such as the SolarWinds attack flooded the mainstream media, more and more enterprises have become aware of the impact of security vulnerabilities not only on your company’s products but also its reputation.

Increased utilisation of the Cloud is driving expansion in security investment

In 2021, organisations are expected to increase their spending across all segments of security and risk management, with the worldwide cybersecurity market is set to grow by up to 10% this year to top $60bn. A growing percentage of this is due to the increased importance of cloud security which is set to grow by 251% in 2021.

Cloud adoption is one of the fastest-growing areas in IT, and as it grows there is a widening demand for cybersecurity defences to be built alongside it.

Wrapping up

Taken together, these factors culminate the create one clear point of action: executive decision-makers within each and every company must prioritise and invest in cybersecurity as we move into an increasingly digital world that is vulnerable to attacks.