Cybersecurity in NYC Companies: Cybersecurity Budget Allocation Rise Amid Threats

A recent survey by the Ponemon Institute was conducted, which includes responses from 650 IT and cybersecurity practitioners in the United States. It shows that almost 60% of companies based in the United States have increased their 2024 budgets for cybersecurity. This is in comparison to the allocations made in 2023. Around 46% of the respondents said that the increase in budget for cybersecurity in NYC companies is over 25% from the last year. This translates to an average of up to $26 million. The study is sponsored by the Denver-based cybersecurity firm Optiv. 

Cybersecurity in NYC Companies Cybersecurity Budgets Allocation Rise Amid Threats

Why the increase in allocation? 

Furthermore, the studies suggest that this significant rise in spending shows the growing awareness. This is among IT professionals, executives and senior leadership of the need for strong cybersecurity resilience. Hence, highlighting the fact that the heightened investment is driven by the pressing need to combat escalating cyber threats effectively.

Larry Ponemon, chairperson and founder of the Ponemon Institute, noted in an Optiv press release that “Information technology professionals and senior leadership are becoming more cognizant of the importance in strengthening their security posture”. This in turn, is reflected in the increased allocation of funds based on the proven effectiveness of cybersecurity measures in companies. 

Accordingly, this shift in focus is essential as organizations face an increasingly volatile and complex threat landscape. The survey says that 61% of the organizations who have responded have experienced a data breach or cybersecurity incident within the past two years. Alarmingly, over half of them reported encountering multiple incidents. 

Investment Focus of Cybersecurity in NYC Companies

Artificial intelligence (AI) is a focus area of investment for many companies, study says. According to 44% of respondents, they are to use AI or machine learning against cyberattacks. This, therefore, makes it clear that organizations are taking advantage of advances in technology to be proactive against these threats. Additionally, 61% of these companies are focusing their cybersecurity investments on strategies that have shown effectiveness in neutralizing security incidents. Whereas 53% of respondents say that another priority for funding should involve assessing the specific threats and risks that their businesses face. 

On the other hand, the survey also showed that 36% of the respondents do not have a structure when it comes to determining the allocation of the budget for cybersecurity in companies. This lack of budget strategy is tricky as it may result in inefficient use of resources as well as unexplored opportunities.  

Get Help for Reliable Cybersecurity in NYC Companies

The shift in the priorities in corporations shows that strengthening cybersecurity in companies is a necessity. Because the threat landscape is dynamic it is only right that businesses stay ahead of the cyber attackers. Whether big or small, companies must to maintain smooth operation by decreasing risks. In line with this, we at EBSolution offer our services. We are a team of cybersecurity and IT professionals who can cater to your tech needs. Book your consultation with us today so we can start creating custom fit strategies for your business.  

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