News & Views
Cyber budgets misspent
A recent Twitter poll by cyber security services specialist Integrity360 (www.integrity360.com) reveals that over 30% of businesses believe that 30% of their budget is being allocated to tools and solutions that are not being used to their full potential.
In addition, almost 30% of those surveyed agree that they have more than 31-40 tools and solutions within their tech stack that could be removed due to overlapping and unused features. What’s more, 46% of polled respondents believe the most damaging impact of a cyber security breach to be the financial loss. Unsurprising given the huge financial repercussions experienced by businesses in the wake of a security incident and the upsurge in ransomware attacks.
“Whilst businesses recognise the need to allocate more budget towards cyber security, the difficulty lies in knowing where to apportion the spend. It’s easy to throw money at all the shiny new tech and solutions on the market, but this results in disparate systems, with too many tools deployed for specific purposes, that ultimately go unmanaged and underutilized,” says Richard Ford, Chief Technology Officer, Integrity360.
“Businesses need a cyber security strategy that provides full visibility over their tech stack and the solutions they have, those they need and those they can do without. An overabundance of solutions with features that overlap or aren’t required, is an accident waiting to happen, and a drain on budget and efficiency.”
“The results from our latest poll are concerning. At a time of economic downturn when cyber security budgets are tight, risks are heightened, yet budget is being spent on unnecessary and unused solutions,” says Ford. “Consolidation of platforms and convergence of technologies can be a useful way to optimize spending in addition to improving overall security posture.”
The Integrity360 Twitter poll comprised of three question and answer options and drew 1,392 responses. The poll was conducted between 8-10 March 2023.