press launch
DENVER — June 25, 2024 — Optiv, a pacesetter in cyber advisory and options, has launched its 2024 Threat and Risk Management Report, analyzing how organizations’ cybersecurity investments and governance priorities are responding to the evolving menace panorama.
The report, primarily based on an impartial Ponemon Institute survey, reveals that cyber budgets are rising 59% 12 months over 12 months. Additionally, 63% of organizations with 5,000+ staff are allocating a median of $26 million to cybersecurity investments in 2024.
The report confirmed a major improve in information breaches and safety incidents, with 61% of respondents experiencing an information breach or cybersecurity incident previously two years, and 55% of respondents experiencing 4 or extra incidents in the identical interval. These figures spotlight the necessity for organizations to additional prioritize their cybersecurity investments and methods.
Download the complete report: 2024 Cybersecurity Threat and Risk Management Report
“Cyber incidents aren’t declining, which means organizations want to reply quicker than the menace actors attacking their environments. As safety budgets improve, many organizations additionally acknowledge the necessity to make good investments in evaluating processes and governance to make sure compliance,” stated Jason Lewkowicz, government vp and chief companies officer at Optiv. “Establishing a extra constant and strategic method to safety expertise, course of and other people administration is crucial to a corporation’s danger administration and resiliency.”
Other key findings embrace:
Key Investment Areas — The prime three areas of funding for cybersecurity budgets in 2024 are inside safety assessments (60%), identification and entry administration (IAM) applications (58%), and buying extra cybersecurity instruments (51%).
Lack of formal budgeting practices — Despite funds will increase, solely 36% of respondents have a proper method to figuring out their cybersecurity funds. Lack of formal budgeting practices can result in inefficiencies and missed alternatives to deal with crucial safety gaps.
Increased adoption of SOAR — The use of Security Orchestration Automation and Response (SOAR) expertise is on the rise, with 73% of respondents leveraging SOAR to automate incident response actions. This automation permits safety groups to answer threats extra effectively.
Artificial intelligence (AI) and machine studying (ML) capabilities are one other rising space of focus for cybersecurity organizations on the lookout for methods to speed up menace detection, prevention, and course of automation capabilities and sustain with menace actors utilizing these instruments.
More and extra companies are utilizing AI for each utilization and prevention.
44% of respondents are utilizing AI/ML to forestall cyber assaults
35% bought use-case particular instruments
34% use automated processes and audits
Optiv’s report delves into finest practices employed by high-performing organizations, offering useful insights for organizations trying to strengthen their cyber defenses. It additionally highlights extra challenges, reminiscent of inconsistencies in Cyber Security Incident Response Plans (CSIRPs), addressing cyber insurance coverage/governance necessities, and the necessity to higher talk cyber safety dangers to senior administration.
“Our analysis, carried out solely for Optiv, reveals that whereas organizations are taking proactive steps to mitigate danger, they’re additionally addressing the challenges they face in an evolving cyber menace panorama,” stated Dr. Larry Ponemon, president and founding father of the Ponemon Institute. “Part of the complexity organizations proceed to face in addressing threats stems from the variety of ineffective expertise instruments. Recognizing this, IT professionals and senior executives have gotten extra conscious of the significance of strengthening their safety posture, resulting in elevated cybersecurity budgets and funding being allotted primarily based on the confirmed effectiveness of decreasing safety incidents.”
Optiv’s report findings are primarily based on responses from 650 IT and cybersecurity professionals.
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