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IT Budget Spending Increasing Drastically

October 15, 2019

The IT budgets of organizations are on the rise. In a Tech Republic survey, 9 percent of respondents indicated their IT budget exceeded $20 million for 2019. In the latest survey for 2020 budgets, 26 percent indicated they would spend more than that.

IT Budget Spending Increasing Drastically

Security top IT budget concern

It’s no surprise to see spending on IT budgets continue to rise. There is always new technologies and solutions to invest in. Nevertheless, it’s the rise and fear of cyber security threats that still generate the most IT spending. Security was the top IT budget concern for 51 percent of those surveyed in 2020.

The importance of C-suite cyber risk engagement

While IT budget spending is on the rise overall, most companies in the survey spend significantly less than $20 million. In fact, 55 percent of businesses spent less than $500,000 according to the survey.

How and where the majority of the IT budget is spent is still decided by IT managers, but there are signs of greater involvement from C-suite executives.

C-suite executives who take an interest in IT budgets are best placed to make faster and better decisions. The survey highlighted the lack of in-house cyber security knowledge, the need for training and new hires to fill the void. The lack of in-house knowledge causes disruption when cyber attacks strike and causes reputational damage. Companies that take cyber security seriously demonstrate strong leadership and protect the data of their customers, business partners and potential clients to the fullest.

C-suite executives show they take security seriously by key and consistent involvement in IT infrastructure, investment in solutions, and a consideration of security risks in all decision.

Filling the cyber security knowledge gap

Organizations need to manage risk and look to incorporate cyber security strategies into everything they do. Considering the lack of in-house cyber security knowledge, one thing C-suit executives can do is seek cybersecurity expertise externally.

Training existing employees and hiring professionals is not easy or without costs. The fastest way for organizations to turn their situation around and get on top of their security is turn to cyber security experts. Global Data Sentinel’s solutions take no chances with security and give organizations complete control of their data and systems. Find out more here.