A recent survey has revealed that companies are increasingly focusing their attention and financial resources on risk management, recruitment, crisis management, and emergency reserves. The study found that 34% of organizations are prioritizing risk management, followed by 30% focusing on recruitment, 29% on crisis management, and 25% on creating emergency reserves.
Despite the fact that companies have already reduced their IT budgets in the past couple of years, there has been a surge in additional funding being allocated to comply with the NIS2 regulations. The survey indicated that 68% of the respondents have allocated extra funds to ensure compliance with NIS2. This shift in budget allocation has resulted in 80% of IT budgets being dedicated to cybersecurity and compliance efforts as per Veeam, a technology company specializing in data management.
Andre Troskie, Field CISO EMEA at Veeam, emphasized the importance of maintaining security and compliance within organizations. He stated that while it is crucial for any business to prioritize these aspects, the fact that they now consume the majority of the IT budget implies that many organizations are inadequately prepared and lack the necessary resources.
In a similar vein, Edwin Weijdema, Field CTO EMEA at Veeam, expressed concern over the perception of NIS2 as a crisis by a significant portion of businesses. He noted that despite the importance of compliance, viewing it as a crisis is not the right approach and can lead to unnecessary panic and chaos within the organization.
The findings of the survey underscore the challenges faced by businesses in balancing their IT budgets between cybersecurity, compliance, and other operational needs. As regulatory requirements continue to evolve and become more stringent, companies are under pressure to invest in technologies and strategies that ensure data security and regulatory compliance.
The shift towards allocating a larger portion of IT budgets to cybersecurity and compliance reflects the growing importance of data protection and regulatory adherence in the business landscape. Despite the financial constraints imposed by budget limitations, organizations are recognizing the need to prioritize these areas to safeguard their assets and maintain regulatory compliance.
As businesses navigate the complex landscape of regulatory requirements and cybersecurity threats, it is essential for them to adopt a proactive approach to risk management and compliance. By investing in robust security measures, recruiting skilled professionals, and establishing crisis management protocols, organizations can mitigate the risks associated with non-compliance and data breaches.
Ultimately, the survey results highlight the critical importance of aligning IT budgets with the evolving regulatory landscape and the growing cybersecurity threats facing businesses today. By prioritizing risk management, recruitment, crisis management, and emergency reserves, organizations can enhance their resilience and readiness to address the challenges of the digital age.