{"id":53633,"date":"2024-12-09T17:41:23","date_gmt":"2024-12-09T14:41:23","guid":{"rendered":"https:\/\/saudishopper.com.sa\/en\/?p=53633"},"modified":"2026-03-28T07:10:42","modified_gmt":"2026-03-28T04:10:42","slug":"companies-plan-to-increase-it-security-budgets-up-to-9-in-the-next-two-years","status":"publish","type":"post","link":"https:\/\/saudishopper.com.sa\/en\/companies-plan-to-increase-it-security-budgets-up-to-9-in-the-next-two-years\/","title":{"rendered":"Companies plan to increase IT Security budgets up to 9% in the next two years"},"content":{"rendered":"\n

9 December 2024<\/p>\n\n\n\n

Companies are planning to increase their investments in information security <\/strong><\/a>against the background of growing financial losses from cyber incidents. This trend was revealed in the recent Kaspersky\u2019s IT Security Economics report.<\/strong><\/p>\n\n\n\n

Kaspersky IT Security Economics is an annual report that unpicks the changes in budgets, breaches and business challenges affecting IT Security decision makers. It is based on interviews with IT and IT security professionals working in organizations of various sizes and industries. The survey was conducted across 27 countries in Europe, the Asia-Pacific region, the Middle East, Turkiye and the Africa region, including Saudi Arabia, Latin and North America.<\/p>\n\n\n\n

According to the research, companies plan to increase their IT security budgets by up to 9%. The median cybersecurity budgets for large enterprises were $5.7M with $41.8M allocated for IT generally, while SMBs invested $0.2M in IT security from a median IT budget of $1.6M.<\/p>\n\n\n\n

Possible reasons for the increased investment can be found in the analysis of financial losses from cyber incidents. Large enterprises experienced an average of 12 incidents this year, spending $6.2M to recover from them \u2014 1.1 times higher than the budget allocated for IT security overall. Despite the greater resources and advanced security infrastructures, the sheer scale and complexity of large enterprise organizations make them more susceptible to costly breaches. While these enterprises are often better equipped to detect incidents quickly, the time required to fully respond and mitigate these threats can span for hours, underscoring the challenge of managing widespread, complex IT environments.<\/p>\n\n\n\n

As for SMBs, these organizations experienced an average of 16 incidents this year, while spending $0.3M for remediation, which is 1.5 times higher than their overall IT Security budget. SMBs are the most disproportionately affected group in terms of budgetary impact. They often lack robust cybersecurity policies and procedures, which leaves them vulnerable to incidents involving employees, public cloud misconfigurations, and high-level permissions.<\/p>\n\n\n\n

In Saudi Arabia, organizations of all sizes reported to have experienced on average 10 incidents within a year.<\/p>\n\n\n\n

\u201cThis data illustrates the continuation of the current trend of increasing cybersecurity spending across all market segments. This growth is driven by at least three key factors. Firstly and obviously, the constant growth in the complexity of cybersecurity threats forces companies to adopt more advanced solutions to enhance the detection of attack traces and automate responses. Secondly, increasing concerns from governments regarding digital sovereignty leads to the emergence of new regulations and regulatory requirements and, as a result, increased expenses. The third factor influencing the growth of cybersecurity budgets and costs is the constant increase in salary expectations for professionals in various cybersecurity fields,\u201d comments Veniamin Levtsov, Vice President, Center of Corporate Business Expertise at Kaspersky.<\/p>\n\n\n\n

To protect companies against a wide range of cyber threats, Kaspersky recommends:<\/p>\n\n\n\n